Weibo blocks cryptocurrency accounts as Beijing continues its crypto crackdown

Microblogging platform Weibo banned at least a dozen cryptocurrency accounts on Saturday, according to the South China Morning Post.

Beijing is cracking down on cryptocurrencies amid concerns about currency’s volatility. The authorities are also worried about Bitcoin’s energy consumption which is standing in the way of meeting green energy goals, the newspaper reported.

Weibo banned several influential cryptocurrency accounts for violating “relevant laws and regulations”.
At least a dozen popular Weibo users who post content about cryptocurrencies found themselves unable to use their accounts on Saturday night. Other users who attempted to access those pages were greeted with a message saying the accounts had violated Weibo guidelines and “relevant laws and regulations”.

“The account I’ve been using for years is suddenly gone,” one of the banned users posted to the platform under a new account called Professor Hash. “But I’m OK with it. The day was going to come sooner or later.”

This is not the first time China’s social media platforms purged influential accounts related to cryptocurrency. In 2019, Weibo banned the accounts of Binance co-founder Yi He and famous cryptocurrency entrepreneur Justin Sun, who made headlines for winning a charity auction to have dinner with billionaire investor Warren Buffett.

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