China’s anti-cryptocurrency crackdown has reportedly spread to social media. Several popular Bitcoin (BTC) and crypto-related content creators on Weibo. China’s Twitter-like microblogging service with over 530 million monthly active users, has reportedly been suspended.
At least a dozen crypto influencers on Weibo were unable to use their accounts on Saturday night. According to local reports. Other users who visited suspended accounts were greeted with a message saying the accounts had broken Weibo guidelines as well as “relevant laws and regulations.”
Woman Dr. bitcoin mini, a Weibo user who had her account blocked on Saturday. Called Weibo’s action a crypto influencers Judgment Day.
“The Chinese government makes it clear that no Chinese version of Elon Musk can exist in the Chinese crypto market,” said Winston Ma. An adjunct professor at NYU Law School and former managing director of China Investment Corporation.
Elon Musk’s controversial influence over cryptocurrency markets on social media referenced by the academic.
According to reports, Ma also expects China’s supreme court to issue a judicial interpretation soon. That could link crypto mining and trading businesses to China’s criminal law.
The Chinese government’s anti-crypto stance has reverberated throughout the industry. Bitcoin mining became a risky operation in China after Beijing authorities began investigating crypto mining data centers’ energy consumption in April. Since then, major mining companies have announced that they will cease operations in the country.
Financial regulators in China’s Hainan province issued a warning to citizens. Last week about illegal fundraising campaigns that use digital currency or blockchain as promotional material. Stating that illegal token issuance and financing activities prohibited.