Sina Weibo Takes Down 80 Crypto Influencer Accounts Amid Regulatory Crackdown
Summary:
Sina Weibo, a popular Chinese social media platform, has removed 80 influencer accounts promoting cryptocurrency activities due to regulatory concerns. The accounts allegedly breached various regulations related to telecommunications, finance, banking, online marketing, securities, exchanges, and internet safety. This action follows China's ongoing crackdown on private crypto-related activities. The Cyberspace Administration of China previously removed thousands of influencer accounts and promotional posts linked to cryptocurrencies. Weibo and the authorities stress the importance of protecting the public from risks associated with virtual currency trading.
Chinese social media giant Sina Weibo has taken down 80 influencer accounts promoting cryptocurrency activities, citing official legislation. The move follows accusations that these accounts violated regulations pertaining to telecommunications, finance, banking, online marketing, securities, exchanges, and internet safety. This comes as part of Weibo's ongoing efforts to sweep out crypto-related accounts since China implemented its cryptocurrency ban last year. In August, the Cyberspace Administration of China (CAC) removed 12,000 influencer accounts on Weibo and Baidu, along with 51,000 related promotional posts. The CAC stressed the need to protect the public's property safety and cautioned netizens against engaging in virtual currency trading. Weibo has also emphasized its commitment to cracking down on illegal securities activities on its platform and strictly enforcing laws and regulations. China's crackdown on private crypto-related activities is motivated by concerns of capital flight, money laundering, and its state-run crypto initiatives. Investors outside of China have also been affected by these efforts.
Published At
9/5/2023 3:26:17 PM
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