Weibo, China’s social media giant, bans users and removes crypto content.

Weibo, China's social media giant, bans users and removes crypto content.

China’s Weibo Takes a Stance Against Crypto: A Wider Crackdown

The Chinese social media giant, Weibo, has recently made waves in the crypto world by deleting 80 popular crypto-related accounts and removing 17,000 illegal profit-making posts from its platform. This move comes as no surprise, considering the Chinese government’s strict regulations on cryptocurrency trading and social media censorship. While crypto trading may be de facto banned in China, there are still some Chinese-language Weibo accounts that have managed to continue posting crypto-related content.

Weibo is a social media platform that thrives in a nation where popular international platforms like Twitter, Facebook, Reddit, and Instagram have been blocked. With 258 million daily active users, the platform has a massive reach. The fact that some Weibo accounts had over 8 million followers each is a testament to the enduring popularity of crypto among Chinese-language speakers.

However, it is important to note that token trading remains popular in China, which was once the crypto mining and trading center of the world. In recent years, Chinese traders have been forced to turn to over-the-counter (OTC) markets since banks were ordered to block all crypto exchange-linked transactions. These actions were spurred by announcements from the biggest commercial banks in China, adding to the challenges faced by crypto enthusiasts in the country.

When attempting to access some of the Weibo accounts in question, Cryptonews.com found that they were no longer viewable due to complaints that they violated laws, regulations, and relevant sections of the Weibo Community Convention. However, the same users’ Twitter and Telegram accounts appear to be operating as usual, highlighting the limitations of Weibo’s influence and enforcement.

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The crackdown on crypto-related Weibo accounts is not an isolated incident. Weibo also took action against accounts suspected of spreading “fake news” or “harmful information.” In total, around 140,000 accounts were banned, deleted, suspended, warned, or sanctioned for various violations, while more than 7,000 posts based on rumors were removed along with 135 rumor-mongering accounts. It seems that crypto was not the sole target of Weibo’s actions.

This recent Weibo purge raises questions about whether it is part of a wider crackdown on information sharing and dissent. Some commentators have expressed concerns that even smaller Weibo accounts may face blocks if they amass a certain number of followers. This raises concerns about the potential impact on individuals’ efforts and the freedom of expression.

It is important to consider this Weibo purge within the context of China’s broader regulatory landscape. Over a year ago, the Cyberspace Administration of China (CAC), the nation’s internet regulator, banned the marketing of crypto-related products and services. The CAC directly ordered Weibo, along with search engine giant Baidu and other Chinese portals, to remove thousands of crypto-linked accounts and social media posts. This indicates that the Weibo purge is not an isolated incident, but rather part of a wider crackdown on the circulation of information and the dissemination of certain ideologies.

The Weibo crackdown on crypto-related content serves as a reminder that the blockchain industry faces significant challenges in countries with strict regulations. Many Chinese crypto enthusiasts have managed to adapt and continue their activities through alternative platforms like Twitter and Telegram, highlighting the resilient and adaptable nature of the crypto community.

Overall, the Weibo case underscores the need for individuals and businesses in the blockchain industry to stay up to date with regulatory developments and adapt their strategies accordingly. The crackdown on Weibo accounts is a stark reminder that the landscape of social media and cryptocurrency is ever-evolving, and participants must be ready to navigate these changes.

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