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Chinese Social Media Platform Weibo Cracks Down On Crypto Businesses

In what seems like China’s new war against cryptocurrencies, the government-controlled social media website Weibo has started suspending crypto-related accounts. Wiebo pulled out over a dozen popular cryptocurrency accounts on June 6. It comes after China’s banking and financial institution’s industry body called for a ban on crypto payments delegitimizing their use, just over two weeks ago.

China, which was considered progressive in terms of promoting and regulating cryptocurrencies, seems to be hunting down any crypto-related business operating in the country. This is the second time Weibo has suspended and blocked cryptocurrency-related accounts. Earlier this year in March, they had banned social media handles of top crypto exchanges such as Binance, Huobi and OKEx. Back in 2019, Weibo banned Yi He’s account who is one of the co-founders of the world’s biggest crypto trading platform, Binance.

The stricter moves from China can negatively impact the market sentiments. Earlier on May 19 when they decided to crack down on Bitcoin mining, the market lost over $450 billion in less than 24 hours. In recent years China has seen a surge in Bitcoin mining activities and reports estimate that it supported about 70% of the Bitcoin mining industry. However, with the country’s crypto policy turning hostile, more and more miners are exploring opportunities in Europe and North America.

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