China’s Weibo Bans 80 Crypto Influencers in Crackdown!

Author: Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

Sep 7, 2023 23:14

Chinese social media giant Weibo has banned the accounts of 80 cryptocurrency influencers as part of its ongoing crackdown on crypto-related activities. The move comes just weeks after China’s State Council announced a clampdown on bitcoin mining and trading, leading to a sharp decline in the value of major cryptocurrencies. Experts suggest that the government’s campaign against virtual currencies is part of a wider effort to control financial risks in the country. As of now, cryptocurrency-related content, including exchanges, initial coin offerings (ICOs), and token sales, is prohibited on Weibo.