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Sina Weibo, one of the most popular social media apps in China with over 258 million daily active users, has removed 80 influencer accounts that were promoting cryptocurrency activities, citing official regulations. These influencer accounts were accused of violating eight regulations related to telecommunications, finance, banking, online marketing, securities, exchanges, and internet security, as they played a significant role in promoting cryptocurrencies.
131 Accounts Removed So Far
According to an announcement made on September 5th, a total of 80 crypto influencer accounts with a combined follower count of over 8 million were considered “proactive accounts” by Weibo and were removed. These accounts were accused of violating eight regulations related to telecommunications, finance, banking, online marketing, securities, exchanges, and internet security, due to their role in promoting cryptocurrencies.
The platform has been periodically cleaning up crypto accounts since the implementation of China’s cryptocurrency ban in September 2021. In March, Weibo removed 131 accounts associated with crypto and stock trading activities. This year, China has been exerting pressure on the crypto sector due to a combination of efforts to prevent capital flight, money laundering, and state-run crypto transactions, some of which have caused significant losses for non-Chinese investors.
Pressures Continue in China
The largest crackdown nationwide occurred in August 2022 when China’s Cyberspace Administration (CAC) removed 12,000 influencer accounts associated with cryptocurrencies and deleted 51,000 related promotional posts on Weibo and Baidu. The CAC supported the decision, stating:
“The aim is to protect people’s property security in accordance with the law. It is a reminder to the majority of internet users to form correct investment concepts, increase risk prevention awareness, avoid participating in cryptocurrency trading activities, and pay attention to personal property damage.”
Similarly, Weibo stated in the previous sanction action:
“We will continue to increase pressure on illegal securities activities on the platform and strictly monitor and never tolerate related law and regulation violations.”
