Breaking: China’s Twitter ‘Weibo’ Bans Large Number of Crypto Accounts

By Prashant Jha
Published June 5, 2021 Updated June 5, 2021
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Breaking: China’s Twitter ‘Weibo’ Bans Large Number of Crypto Accounts

By Prashant Jha
Published June 5, 2021 Updated June 5, 2021

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.

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

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.

Later, industry insiders revealed that the crackdown may not be as harsh as it may seem from the outside, since Chinese users were later advised that they may indulge in crypto trading but at their own risk, and it is not protected under the law.

Apart from Inner Mongolia, other prominent Bitcoin mining regions including Sichuan decided against any immediate ban on miners but notified that they must start looking for alternate locations from next season.

Bitcoin Price Registers a Minor Slump

The price of Bitcoin dropped below $36,000 for a brief period as soon as the news about the Chinese social media purge surfaced. However, the price bounded right back and currently trading at $36,457 with a 0.7% loss over the past 24-hours.

Later it was revealed that the crypto purge on Weibo was limited to only promotional accounts that often indulged in promoting different schemes of various exchanges. As other crypto-related social media accounts remained untouched.

China’s crackdown on miners is also being associated with Beijing’s push for carbon neutrality rather than an all-out ban on Bitcoin mining in the country.

 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Prashant Jha
1015 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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