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80 Crypto Influencers Social Accounts Shut Down in China

Key Takeaways
  • China's most popular social media app Sina Weibo has removed the accounts of 80 crypto influencers from the platform, citing the country's law.
  • There is a complete ban on cryptocurrency in China, yet many people here invest in cryptocurrency. About which the government is very strict.
  • China's government has been very strict on crypto since the beginning, as a result of which even a big crypto exchange like Binance has moved out of the country.
06-Sep-2023 By: Rohit Tripathi
80 Crypto Influencer

Sina Weibo removed the accounts of 80 crypto influencers  

China, which has completely banned cryptocurrencies in its country, has once again conducted a surgical strike on crypto. This attack was not directly on cryptocurrency, but it was like a warning to China's crypto investors and its supporters. In fact, China's most popular social media app Sina Weibo has removed about 80 accounts from its platform. All these accounts belonged to influential people promoting cryptocurrency. Sina Weibo, which has more than 258 million daily active users, removed the crypto influencer's account citing official law. These 80 crypto influencers have been accused of violating eight rules related to telecommunication, finance, banking, online marketing, securities, exchanges, and internet security.

China's stubborn attitude towards cryptocurrency

The Chinese government has often adopted a strict and stubborn attitude regarding cryptocurrency. In September 2021, the Chinese government completely banned cryptocurrencies in the country. Not only this but due to anti-crypto laws in China, many crypto exchanges have moved out of China. The world's largest cryptocurrency exchange Binance is also included in this. Binance is a China-based cryptocurrency exchange, that had shifted its headquarters out of China due to China's strict laws. Whereas Sina Weibo, which is a popular app in China, does not want to get into any kind of trouble by going against the government. An example of this is being seen continuously after the year 2021.

Sina Weibo has been removing accounts associated with cryptocurrency activity from time to time after 2021. Whereas in March, Sina Weibo removed around 131 accounts linked to crypto and stock trading activities. Earlier, in 2022, the Chinese government removed 12,000 accounts related to crypto from the social media platforms of its country. Meanwhile, the government had also removed about 51,000 crypto-related posts. But the question arises whether the negative attitude towards crypto in China should leave it behind in this race for future currency. On the other hand, the people of China seem to be in support of cryptocurrency and are continuously investing in crypto despite the actions being taken by the government against cryptocurrency.

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