<p>Micro blogging platform Sina Weibo, one of China’s most popular social media platforms boasting over 258 million daily active users, has taken decisive action to enforce the country’s stringent regulations on cryptocurrency activities.</p><h2 id="header-0">80 accounts removed</h2><p>In its latest <a href="https://weibo.com/6150906493/4942618675384466" rel="noopener noreferrer nofollow">announcement</a> on Tuesday, the platform revealed the removal of 80 influencer accounts dedicated to promoting cryptocurrency-related content. These accounts collectively held a substantial following, with over 8 million followers combined.</p><p>The move by Weibo comes as a response to official legislation aimed at cracking down on activities that breach a range of regulations encompassing telecommunications, finance, banking, online marketing, securities, exchanges, and internet safety. The 80 influencer accounts in question had actively violated these regulations by endorsing and promoting cryptocurrencies.</p><h2 id="header-1">Ongoing enforcement</h2><p>This isn’t the first time Weibo has undertaken such a measure. It has been periodically purging crypto-related accounts since China’s cryptocurrency ban took effect in September 2021. In March of this year, Weibo already took down 131 accounts associated with crypto and stock trading activities.</p><p>The most significant nationwide crackdown occurred in August 2022 when the Cyberspace Administration of China (CAC) stepped in, resulting in the removal of a staggering 12,000 influencer accounts across both Weibo and Baidu. Furthermore, 51,000 promotional posts related to cryptocurrencies were deleted. The CAC justified these actions by emphasizing their intent to protect the public’s property safety, educate citizens on responsible investment practices, and discourage participation in speculative cryptocurrency trading activities.</p><p>Weibo echoed similar sentiments in their previous enforcement actions, vowing to increase the crackdown on illegal securities activities on their platform while strictly adhering to legal regulations.</p><h2 id="header-2">Worldwide issue</h2><p>Crypto promotion and crypto influencers are coming under increased scrutiny worldwide. In a recent filing by the Department of Justice (DoJ) in the United States in its criminal prosecution against Sam Bankman-Fried, the Founder and former CEO of failed crypto exchange FTX, it<a href="https://www.coindesk.com/policy/2023/09/04/larry-davids-superbowl-ad-casts-doubt-on-ftxus-separation-doj-says/" rel="noopener noreferrer nofollow"> asserted</a> that promotion by way of ads featuring US comedian Larry David and American sports star Tom Brady had blurred the lines between FTXs international and US businesses.</p><p>Class action lawsuits have been instigated against a long list of crypto influencers and promoters relative to FTX, Celsius, BlockFi, and a number of other high-profile failed crypto platforms.</p><p>Last month, details emerged of a<a href="https://nypost.com/2023/07/27/millionaire-crypto-influencer-found-dismembered-in-suitcase/" rel="noopener noreferrer nofollow"> grizzly end</a> for Argentinian crypto influencer Fernando Perez Algaba, whose dismembered body was found in a suitcase in a town close to the Argentinian capital, Buenos Aires.</p><p>China’s intensified scrutiny over crypto activities in recent years is driven by multiple factors, including concerns about capital flight, money laundering, and the imperative to safeguard state-controlled cryptocurrency initiatives. These measures have not only affected domestic investors but have also had unintended consequences for international cryptocurrency enthusiasts.</p>

Latest Chinese Crypto Crackdown Sees Influencer Accounts Shut Down

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