Popular Chinese social media platform Weibo has deleted 80 influencer accounts related to cryptocurrency activities. The accounts had over 8 million followers combined.
Weibo cited violations of China’s strict crypto regulations imposed in September 2023. This included laws on finance, banking, securities, and more.
The move represents China’s continued crackdown on crypto amid wider bans. In March, Weibo removed 130 similar accounts. Last August, 12,000 accounts were purged from Weibo and Baidu.
China’s Cyberspace Administration has defended the crypto crackdowns as protecting citizens from risky investments and “hype activities.”
However, critics argue the ban also enables China to push its own state-run digital currency efforts. Crypto activities beyond government control are seen as a threat.
Weibo stated it will “never tolerate” violations of crypto laws. The ban has resulted in collateral damage for users outside China as well.
The purge highlights the divergent global approaches to cryptocurrency. As adoption rises in many nations, China continues working to eliminate retail crypto activities despite their popularity.
For now, crypto influencers and enthusiasts in China will need to rely on censorship-resistant alternatives to promote and discuss digital assets. Weibo’s stance aligns firmly with the government’s prohibition.
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