Weibo Removes 80 Crypto Influencer Accounts for Violations

Weibo Removes 80 Crypto Influencer Accounts for Violations

Sina Weibo, a prominent Chinese social media platform boasting more than 258 million daily active users, has taken down 80 influencer accounts that were engaged in promoting cryptocurrency-related activities. This action was taken in accordance with official legislation.

In a statement made on September 5, Weibo revealed that these 80 cryptocurrency influencer accounts, which collectively had more than 8 million followers, were removed due to their alleged violations of eight regulations pertaining to areas such as telecommunications, finance, banking, online marketing, securities, exchanges, and internet safety. These accounts had actively promoted cryptocurrencies, leading to their removal from the platform.

Weibo has been conducting periodic sweeps to remove cryptocurrency-related accounts from its platform since China implemented its cryptocurrency ban in September 2021. 

Back in March, the platform removed 131 accounts associated with cryptocurrency and stock trading activities as part of its ongoing efforts to enforce regulatory compliance.

The most significant nationwide crackdown on cryptocurrency-related content on social media platforms like Weibo and Baidu took place in August 2022. During this operation, the Cyberspace Administration of China (CAC) removed a substantial number of influencer accounts, totaling 12,000, and deleted 51,000 promotional posts related to cryptocurrencies.

The Cyberspace Administration of China (CAC) defended its decision to crack down on cryptocurrency-related content by stating that its primary objective is to protect people's property safety in accordance with the law.

It aims to remind internet users to develop proper investment concepts, increase their awareness of risk prevention, avoid participating in speculative activities related to virtual currencies, and be cautious about potential harm to their personal property.

Weibo emphasized its commitment to intensify efforts to combat illegal securities activities on its platform and to rigorously monitor and control any violations of laws and regulations related to these activities. It made it clear that such activities would not be tolerated on its platform.

Weibo emphasized its commitment to intensify efforts to combat illegal securities activities on its platform and to rigorously monitor and control any violations of laws and regulations related to these activities. It made it clear that such activities would not be tolerated on its platform.

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