The Chinese crackdown on cryptocurrencies has reached the popular social media platform Weibo, the Chinese equivalent of Twitter. Many accounts associated with crypto promotions have been banned by the platform in light of the latest call for a crypto crackdown from the central government.

The large blocking of crypto accounts on Weibo is believed to be the harshest in the history of the social media giant in China.

Breaking: On Weibo (China’s Twitter), a large number of cryptocurrency KOL accounts have been blocked. This is the harshest suspension of crypto in history, and it may be a response to Beijing’s crackdown policy. pic.twitter.com/QaYehR3NnV

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— Wu Blockchain (@WuBlockchain) June 5, 2021

Beijing’s call for the strict prohibition against crypto trading and mining has been going on for the past couple of weeks. First, several crypto derivative exchanges suspended all Chinese trading accounts that were registered using a Chinese phone number. Later popular Bitcoin mining hub of Inner Mongolia passed new regulations to prohibit all kinds of crypto mining in the region.

About Author

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.