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Did Weibo ban all the Crypto-related accounts?

Did Weibo ban all the Crypto-related accounts

Weibo is a Chinese social media giant. Weibo reportedly banned all the Crypto-related accounts. According to an executive, the government doesn’t want a Chinese version of Elon Musk. This crackdown has allegedly spread to social media.

Microblogging service

Weibo is China’s Twitter-like microblogging service with more than 530 million active users monthly. Moreover, it has reportedly suspended several popular Bitcoin and correlated content creators on the platform.

Crypto Influencers

The local reports say that at least a dozen Crypto influencers have been unable to use their accounts. In addition, other users who visited the suspended accounts got a message saying that these banned accounts have violated guidelines, relevant laws, and regulations.

Woman Dr. Bitcoin Mini

A Weibo user who is nicknamed as woman Dr. Bitcoin Mini saw that her account was blocked. Mini called the action as a Judgement Day crypto influencer. Winston Ma is the adjunct professor of NYU Law School and a former China Investment Corporation Managing Director.

Elon Musk

Ma said that the Chinese government clarifies that no Chinese version of Elon Musk can exist in the Crypto market. Ma also expects the Chinese Supreme Court to publish a judicial interpretation soon. According to reports, this may also link Crypto mining and trading businesses with China’s body of criminal law.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.