Even before the controversial coin trading regulation in China, Weibo, China’s most popular social network, had been in the midst of a crypto-scare that was the result of a hack on its users’ accounts. According to a Google translation, the company’s management sent an internal memo on Friday that read, “Based on the latest investigation, we have found that there are users who have created fake accounts to promote ICOs.” Unfortunately, the company is not the only one that has banned the activity: all Chinese social media platforms—including Weibo, WeChat, and Weibo Messenger—are cracking down on the exchanges and ICOs.
Weibo, the Chinese social media giant, is reportedly banning accounts that promote cryptocurrencies. The country’s internet security regulator, the Cyberspace Administration of China, reportedly issued the ban on the accounts, which will include cryptocurrency exchanges and related websites.
Chinese social media giant Weibo reportedly bans crypto-related accountsChina’s crackdown on cryptocurrencies has reportedly spread to social media. Weibo, a Chinese microblogging service like Twitter with over 530 million monthly active users, has reportedly blocked several popular content creators about bitcoin (BTC) and cryptocurrencies on its platform. According to local reports, at least a dozen crypto-informants on Weibo failed to use their accounts Saturday night. Weibo greeted other users who visited the blocked accounts with a message stating that the blocked accounts violated Weibo’s policies and relevant laws and regulations. A Weibo user nicknamed Ms. Dr. bitcoin mini, who had her account suspended on Saturday, called Weibo’s actions an apocalypse for the crypto currency industry. Winston Ma, associate professor at New York University School of Law and former director of the China Investment Corporation, said: The Chinese government is making it clear that there can be no Chinese version of Elon Musk in the Chinese crypto-currency market. The academic alluded to Elon Musk’s controversial influence on cryptocurrency markets on social media. Ma also expects the Chinese Supreme Court to soon issue a legal interpretation that could tie cryptocurrency mining and trading to Chinese criminal law, according to reports. The government’s dismissive attitude towards cryptocurrencies has reached all parts of the industry in China. Bitcoin mining has become a risky venture in the country since authorities in Beijing began investigating the energy consumption of data centers for cryptocurrency mining in April. Since then, major mining companies have announced that they will cease operations in the country. Last week, financial regulators in China’s Hainan province warned citizens against illegal fundraising campaigns that use digital currency or blockchain as promotional material, saying the issuance of tokens and illegal fundraising activities are prohibited. Cointelegraph has contacted Weibo for comment and will update this article if they respond.A popular Chinese social media platform Weibo has reportedly banned any cryptocurrency related posts. The move comes alongside the Chinese government’s clampdown on digital currencies. Weibo, which has more than 300 million monthly users, has stated that cryptocurrency-related content is against its community standards. It has also banned all related words from its platform.. Read more about chinese-language media and let us know what you think.
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