Bitcoin

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<p>China's popular social media platform Weibo has banned 80 high-profile crypto influencers, each with over eight million followers. This appears to be a continued effort to clamp down on cryptocurrency activities, according to a <a href="https://www.scmp.com/tech/policy/article/3233703/china-crypto-crackdown-weibo-banishes-80-prominent-cryptocurrency-influencers" rel="noopener noreferrer nofollow">Thursday report</a> by the South China Morning Post.</p> 
<p>The move is in compliance with local laws that aim to curb speculative trading and the promotion of virtual assets.</p> 
<p>Back in August 2022, Chinese internet regulators ordered the removal of thousands of crypto-related accounts and posts across various platforms. As <a href="https://u.today/chinese-twitter-weibo-blocks-over-10-large-crypto-related-accounts-including-justin-suns" rel="noopener noreferrer nofollow">reported by U.Today</a>, a slew of prominent crypto personalities were also banned from Weibo back in 2021.</p> 
<p>Weibo stated that it will continue to monitor user complaints and investigate illicit cryptocurrency trading.</p> 
<h2 id="beijing-s-unyielding-crypto-policy">Beijing's unyielding crypto policy</h2> 
<p>The ban reflects Beijing's ongoing stringent stance on cryptocurrency despite the industry's growth in other regions like Hong Kong.</p> 
<p>In 2013, China's central bank barred financial institutions from handling Bitcoin transactions, marking one of the country's earliest moves against cryptocurrencies. The government's stance hardened in 2017 when it banned <a href="https://u.today/breaking-china-prohibits-individuals-from-issuing-cryptocurrencies" rel="noopener noreferrer nofollow">initial coin offerings (ICOs)</a> and shut down local cryptocurrency exchanges. By September 2021, top government agencies caused <a href="https://u.today/bitcoin-btc-miners-might-be-leaving-china-is-this-good-or-bad" rel="noopener noreferrer nofollow">the exodus of local miners</a> despite China being a top Bitcoin mining hub in the past.</p> 
<h2 id="crypto-crime-persists-in-china">Crypto crime persists in China</h2> 
<p>Still, crypto crime remains rampant in China. In July, Chinese authorities <a href="https://forkast.news/headlines/china-uncover-usdt-money-laundering/" rel="noopener noreferrer nofollow">arrested</a> 21 individuals involved in a massive Tether money laundering operation. The group bought low-priced USDT and sold it at a profit via WeChat groups, aiding in the laundering of illegal funds.</p>

China's Top Crypto Influencers Banned on Weibo

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