Popular crypto influencers in China are facing a harsh reality as Beijing-based social media giant Weibo recently purged 80 of its most prominent crypto influencers. This move comes as China maintains its strict crackdown on cryptocurrency activities within its borders.
Weibo’s action reflects the Chinese government’s ongoing stringent stance on digital currencies, raising concerns about the future of the crypto industry in the world’s most populous country.
Crypto Influencers’ Alleged Breach Of Eight Regulations
In an official statement released on Tuesday, Weibo revealed that the banned influencers had violated eight key regulations related to marketing, internet safety, telecommunications, trade, and finance. Among these regulations were stringent measures aimed at curbing the promotion and trading of cryptocurrencies.
The decision to remove these high-profile figures, each boasting over eight million followers, was seen as a clear message from Weibo to align itself with the Chinese government’s policies.
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China’s crypto crackdown is not a new phenomenon.
According to a report by the South China Morning Post, crypto influencers in China have been grappling with restrictions and bans since 2019. The government’s continuous efforts to tighten its grip on the crypto market have resulted in various crackdowns over the years.
Weibo: Ongoing Enforcement And Effectiveness
China’s uncompromising stance on cryptocurrencies has been further underscored by the recent enforcement actions. However, its strict enforcement of crypto regulations has persisted despite debates about its effectiveness.
In July, the Chinese police arrested 21 individuals who were accused of operating an illegal Tether money laundering ring, underscoring the government’s unwavering commitment to controlling digital currencies within its borders.
Cryptocurrencies total market cap nearly unchanged today at $1.03 trillion. Chart: TradingView.com
This recent move by Weibo follows an incident in August 2022 when Chinese internet regulators ordered the removal of thousands of crypto-related accounts and posts across multiple online platforms.
Prominent crypto personalities had also faced bans on Weibo back in 2021, highlighting the platform’s history of compliance with government directives.
Weibo’s statement suggested that the platform would continue to monitor user complaints and conduct investigations into illicit cryptocurrency trading activities.
This commitment to cooperation with Chinese authorities represents the challenges faced by crypto enthusiasts in China who hope for a more lenient regulatory environment.
As China maintains its strict stance on cryptocurrency, the global crypto community watches closely, as the nation has played a significant role in the crypto market in the past.
The actions taken by Weibo and the Chinese government continue to shape the landscape of cryptocurrency within the country, leaving many to ponder the future of digital assets in one of the world’s largest economies.
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