Sina Weibo, one of China’s most popular social media apps with more than 258 million daily active users, cited official legislation to remove 80 influencer accounts promoting cryptocurrency activities.
According to a report on September 5 announcementEighty cryptocurrency influencer accounts with a combined total of more than 8 million followers have been “voluntarily deleted” by Weibo. The accounts are accused of violating eight regulations related to telecommunications, finance, banking, online marketing, securities, exchanges and internet security because of their role in promoting cryptocurrencies.
The platform has been regularly cleaning up cryptocurrency accounts since September 2021, when China’s cryptocurrency ban came into effect. March, Weibo deleted 131 accounts related to cryptocurrency and stock trading activity.
The largest nationwide crackdown took place in August 2022, when China’s Cyberspace Administration (CAC) deleted 12,000 cryptocurrency-related influencer accounts on Weibo and Baidu, as well as 51,000 related promotional posts . CAC supports the decision wrote:
“(Purpose) Protect the property safety of the people according to the law. Remind the majority of netizens to establish correct investment concepts, enhance risk prevention awareness, not participate in virtual currency trading speculation activities, and beware of personal property safety. Property loss.”
Similarly, Weibo explain In previous enforcement actions:
“(We will) continue to intensify the crackdown on illegal securities activities that exist on the platform, strictly control related violations of laws and regulations, and will never tolerate it.”
Beginning this year, China has been cracking down on private cryptocurrency-related activities due to capital flight, money laundering, and the need to protect its state-owned cryptocurrency jobs. Some of these efforts have created collateral damage for non-Chinese investors.
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