China’s widely-used social media platform, Weibo, has taken steps to ban 80 influential crypto influencers, each boasting an impressive following of over eight million users. This recent move seems to be part of an ongoing initiative by Chinese authorities to exert greater control over cryptocurrency-related activities, as reported by the South China Morning Post on Thursday. This action is in accordance with local regulations aimed at curtailing speculative trading and the promotion of virtual assets.

This recent ban follows directives issued by Chinese internet regulators in August 2022, which resulted in the removal of thousands of crypto-related accounts and posts across various online platforms. As previously covered by U.Today, Weibo had also imposed bans on several prominent crypto figures in 2021.

Weibo has explicitly stated that it will continue to actively monitor user complaints and investigate instances of illicit cryptocurrency trading on its platform.

Beijing’s Unwavering Cryptocurrency Policy

The ban on crypto influencers mirrors Beijing’s consistent and unwavering stance on cryptocurrency, despite the industry’s growth in other regions, notably in Hong Kong.

China’s involvement in regulating cryptocurrencies dates back to 2013 when the country’s central bank prohibited financial institutions from handling Bitcoin transactions, marking one of its earliest measures against digital currencies. The government’s position grew even more stringent in 2017 when it banned initial coin offerings (ICOs) and shut down local cryptocurrency exchanges. By September 2021, top government agencies had compelled local miners to exit the country, despite China’s historical role as a major Bitcoin mining hub.

Persistent Cryptocurrency-Related Crime in China

Despite these regulatory efforts, cryptocurrency-related crime continues to persist in China. In a significant incident in July, Chinese authorities arrested 21 individuals involved in a large-scale Tether (USDT) money laundering operation. The group had been purchasing USDT at reduced prices and selling it at a profit through WeChat groups, facilitating the laundering of illicit funds.

Disclaimer: This article is for informational purposes only and should not be considered as financial, investment, or legal advice. Cryptocurrency regulations and enforcement actions can change rapidly, and readers are encouraged to stay informed about the latest developments and comply with local laws and regulations.

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