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Home » Top Chinese Site, Weibo Bans Multiple Crypto Accounts

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Top Chinese Site, Weibo Bans Multiple Crypto Accounts

Bolaji M
Last updated: June 6, 2021 7:13 pm
By Bolaji M
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Sina Weibo, a Chinese microblogging website, banned many crypto accounts. Weibo is one of China’s biggest social media platforms, with over 445 million monthly active users.
images 2021 06 06T185644.867 - Coinscreed Latest Bitcoin and Crypto Updates

According Wu Blockchain, which provides news and analysis on China’s cryptocurrency industry, first noticed the ban. The firm said this is the harshest suspension of crypto accounts in history. However, it may be a response to Beijing’s crackdown policy.

Wu Blockchain announced the news on its Twitter account on Saturday afternoon. “On Weibo (China’s Twitter), a large number of cryptocurrency KOL accounts have been blocked,” the firm said.

See Tweet Below:

Screenshot 20210606 191113 - Coinscreed Latest Bitcoin and Crypto Updates
Source: Twitter

More so, it looks like the Chinese crackdown on cryptos last month is continuing to affect the Chinese crypto community. Moreover, it reached the popular social media platform Weibo, the Chinese equivalent of Twitter.

Furthermore, let’s note that China has banned financial institutions and payment firms from offering services related to crypto transactions. Also, it urged investors over speculative crypto trading.

Under the ban, some companies, such as banks and online payment channels, must not offer clients any service that includes crypto. This includes enrollment, trading, clearing, and pay.

However, this move was not Beijing’s first move against crypto. In 2017, China shut down its local crypto exchanges, choking an uncertain market that had reported 90% of global Bitcoin (BTC) trading.

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