Cryptocurrency related accounts in China’s Twitter-like social media platform, Weibo were blocked over the weekend, as the country stepped up a crackdown on Bitcoin trading and mining.
According to local reports over the weekend, dozens of cryptocurrency influencers on Weibo have been unable to use their accounts. Weibo greeted other users who visited suspended accounts with a message saying the banned accounts have violated Weibo guidelines and “relevant laws and regulations.”
More actions are to be expected such as linking illegal crypto activities in China more directly with the country’s criminal law, according to analysts and a financial regulator.
NYU law school adjunct professor and former China Investment Corporation managing director, Winston Ma said, “The Chinese government makes it clear that no Chinese version of Elon Musk can exist in the Chinese crypto market.”