The accounts of 80 popular cryptocurrency influencers, each with more than 8 million followers, have been removed from one of China’s most popular social media apps, as Beijing maintains its tight grip over crypto activities, reports the South China Morning Post. The Weibo accounts, which promoted cryptocurrencies, had breached eight regulations in China covering areas such as marketing, internet safety, telecommunications, trade and finance, Weibo Finance said in a statement on Tuesday.
The Beijing-based firm said it would continue to “receive complaints from users” and initiate investigations on “illegal virtual currency trading information” in accordance with local laws.
The account suspensions follow a major nationwide crackdown on crypto speculation in August 2022, when the Cyberspace Administration of China (CAC) ordered the removal of 12,000 crypto-related accounts on websites including Weibo and search engine Baidu, and 51,000 social media posts promoting virtual assets.
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