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Eighty accounts of Chinese cryptocurrency influencers disabled in recent enforcement action.
Sina Weibo, a leading Chinese social media platform with more than 258 million daily active users, has eliminated 80 influencer accounts that were promoting cryptocurrency activities, citing official regulations.
As per the announcement made on September 5, Weibo has “proactively removed” 80 crypto influencer accounts, which collectively had over 8 million followers. These accounts were found to be in violation of eight regulations concerning telecommunications, finance, banking, online marketing, securities, exchanges, and internet safety due to their involvement in cryptocurrency promotion.
The platform has been consistently purging crypto accounts since the implementation of China’s cryptocurrency ban in September 2021. In March, Weibo took down 131 accounts associated with crypto and stock trading activities.
The most extensive nationwide crackdown took place in August 2022 when the Cyberspace Administration of China (CAC) removed 12,000 influencer accounts on Weibo and Baidu related to cryptocurrencies and deleted 51,000 promotional posts linked to them. In support of this action, the CAC stated:
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“[The purpose is to] Protect the property safety of the people in accordance with the law. Remind the majority of netizens to establish correct investment concepts, enhance risk prevention awareness, refrain from participating in virtual currency trading hype activities, and beware of personal property damage.”
In a similar vein, Weibo expressed in its earlier enforcement measures:
“[We will] Continue to increase the crackdown on illegal securities activities that exist on the platform, and strictly control related violations of laws and regulations, and will never tolerate them.”
Beginning this year, China has intensified its crackdown on private crypto-related activities due to concerns over capital flight, money laundering, and the necessity to safeguard its state-run crypto initiatives. Some of these measures have inadvertently affected non-Chinese investors.
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