China's Weibo Deletes 80 Popular Cryptocurrency Accounts

Chinese social media platform Weibo has deleted 80 popular cryptocurrency accounts.

According to the South China Morning Post (SCMP) on the 7th, Weibo announced on the 5th that it had deleted the accounts of 80 popular cryptocurrency influencers. Each account had over 8 million followers.

Photo by Yonhap News

Weibo stated that these accounts promoting cryptocurrencies were deleted for violating eight regulations related to marketing, internet safety, telecommunications, trading, and finance. It also said this was part of a crackdown on about 140,000 accounts involved in spreading false or harmful information.

It added that it continues to receive user complaints and will investigate illegal cryptocurrency trading information in accordance with the law.

Chinese authorities banned digital asset trading in September 2021 due to concerns over money laundering, currency outflow, and environmental impacts from Bitcoin mining. In August last year, Weibo and China's largest search engine Baidu deleted 12,000 cryptocurrency-related accounts and 51,000 social media posts promoting virtual assets.

As a result, some cryptocurrency operators moved to Hong Kong, which has announced its goal to become a "virtual asset hub." However, SCMP reported that cryptocurrency-related activities still continue covertly in mainland China.

In May, Bloomberg also reported signs indicating that cryptocurrency trading is actively taking place in China.

This content was produced with the assistance of AI translation services.