Weibo bans cryptocurrency-related accounts

On the account of Beijing’s commitment to intensify its crackdown on bitcoin mining and trading, the Chinese microblogging platform Weibo banned several influential and famous cryptocurrency accounts “for violating relevant laws and regulations.”

Last week, at least a dozen popular users of the platform who used to post content about digital currencies were left unable to use their accounts, some of whom attempted to access those pages but were greeted with a message stating their supposed violations instead.

Using a new account with the name Professor Hash, one of the banned users posted sentiments on Weibo and said, “The account I’ve been using for years is suddenly gone. But I’m OK with it. The day was going to come sooner or later.”

Not the first time for Weibo

This is not the first time that the Chinese blogging platform moved to ban accounts that are related to cryptocurrencies.

Back in 2019, accounts of Binance co-founder Yi He and famous cryptocurrency entrepreneur Justin Sun were banned after they made headlines for winning a charity auction to have dinner with billionaire investor Warren Buffet.

Last March, three major bitcoin exchanges — Binance, Huobi and OKEx — had their Weibo accounts suspended as well in a routine that is becoming a recurring cycle for the media platform

Crypto crackdown

Beijing promises to crack down even further on crypto mining activities while repeatedly warning about the digital asset’s financial risks.

Chinese leaders are also concerned about meeting their clean energy goals leaning towards hitting peak emissions by 2030 and becoming carbon neutral by 2060.

The government’s attention regarding this matter is focused on bitcoin and its mining process, as it requires a lot of energy, consuming more electricity than the United Arab Emirates in a year, based on an estimate made by the Cambridge Bitcoin Electricity Consumption Index.


Image courtesy of Cointelegraph News/YouTube

Micky is a news site and does not provide trading, investing, or other financial advice. By using this website, you affirm that you have read and agree to abide by our Terms and Conditions.
Micky readers - you can get a 10% discount on trading fees on FTX and Binance when you sign up using the links above.