China Suspends Over 12,000 Social Media Accounts for Promoting Crypto

China has suspended over 12,000 accounts on some social media platforms such as Weibo and Baidu for promoting crypto this year. About 51,000 keywords relating to crypto were taken down from the platforms, the Cyberspace Administration of China (CAC) said on Tuesday.

According to CAC, since the beginning of the year, it has implemented the decisions of the CPC Central Committee to take down pieces of illegal information, accounts, and websites that promote investment in cryptocurrencies.

China Shuts Down 12,000 Social Media Accounts

Following the law, the regulator also shut down 105 website platforms that advocated for crypto asset marketing and offered online tutoring on cross-border crypto speculation and mining.

About 990 Weibo accounts, Tieba accounts, and WeChat public accounts, including Bitcoin, were also closed by the regulator.

“In the next step, the Cyberspace Administration of China will continue to work with relevant departments to strengthen the crackdown on illegal financial activities related to virtual currency, and protect the property safety of the people in accordance with the law,” CAC said.

CAC stated that it has asked the local network information department to interview more than 500 business entities involved in the promotion of investment in cryptocurrencies on their websites.

China Crackdown on Crypto

China has continued to maintain its hostility towards crypto in recent years, even though the country was one of the early adopters of the asset class.

Crypto trading has been prohibited in the country since 2019 but has continued via foreign exchanges. However, most of China’s crackdown on crypto happened last year. 

After vowing to intensify its focus on the crypto ban and warning investors that they will not be protected if they continue to invest in such assets, China outrightly banned crypto trading and mining activities in September, declaring them illegal and that they are too risky for investors in the country.

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