80 Chinese Crypto Influencer Accounts Shut Down in Latest Crackdown

Sina Weibo, one of the leading Chinese social media platforms boasting over 258 million daily active users, has recently taken action against cryptocurrency promotion by removing 80 influencer accounts. This decision follows official legislation aimed at regulating such activities.

On September 5, Weibo announced the proactive removal of these 80 crypto influencer accounts, which collectively had over 8 million followers. The platform cited violations of eight different regulations concerning telecommunications, finance, banking, online marketing, securities, exchanges, and internet safety as the basis for this action against the promotion of cryptocurrencies.