Weibo, known as China Twitter, bans a large number of crypto accounts
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Answer Weibo, known as China Twitter, bans a large number of crypto accounts
The Chinese campaign against crypto-mining and trading in China continues in various ways.
Two hours ago, the “Wu Blockchain” account, which is famous for tracking crypto news in China, posted a tweet stating that the Chinese crackdown on cryptocurrencies had reached the popular social media platform “Weibo”, which serves as an alternative Chinese platform to Twitter.
BREAKING: A large number of KOL crypto accounts have been banned on Weibo (Chinese Twitter). This is the harshest suspension of cryptocurrency in history, and it may be a response to Beijing’s repressive policy. pic.twitter.com/QaYehR3NnV
– Wu Blockchain June 5, 2021
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Popular social media platform Weibo has banned several accounts linked to cryptocurrency promotions and accounts related to DeFi by the platform, in line with the latest call to crackdown on cryptocurrency from the Chinese government.
The massive ban of crypto accounts on Weibo is believed to be the most ruthless in the history of the Chinese social media giant.
Beijing’s call for a strict ban on cryptocurrency trading and mining has continued over the past two weeks.
Initially, many crypto derivatives trading platforms suspended all Chinese trading accounts that were registered with a Chinese phone number.
Later, the famous Bitcoin mining center in Inner Mongolia issued new regulations to ban all types of mining in the region.
The price of Bitcoin was affected after the news of the ban of the “Weibo” platform for cryptocurrency accounts spread, as the price of Bitcoin fell from the level of $ 37,500 to currently trading at $ 36,150, a decrease of $ 1,400.
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