Sina Weibo, one of China's most popular social media platforms boasting over 258 million daily active users, has taken action to remove 80 influencer accounts engaged in promoting cryptocurrency activities. The reason cited for this action is compliance with official legislation.
The announcement made on September 5 stated that Weibo "voluntarily deleted" 80 influencer accounts associated with cryptocurrency promotion, collectively amassing more than 8 million followers. These accounts are accused of violating eight distinct regulations spanning telecommunications, finance, banking, online marketing, securities, exchanges, and internet security, all in the context of promoting cryptocurrencies.
Since September 2021, Weibo has been actively purging cryptocurrency-related accounts in alignment with China's cryptocurrency ban. In March, the platform removed 131 accounts associated with cryptocurrency and stock trading activities.
The most significant nationwide crackdown occurred in August 2022 when China's Cyberspace Administration (CAC) removed 12,000 influencer accounts tied to cryptocurrency on Weibo and Baidu, along with 51,000 related promotional posts. The CAC justified its actions by emphasizing the need to safeguard citizens' property in in accordance with the law. They reminded netizens to establish sound investment concepts, enhance risk management awareness, abstain from virtual currency trading and speculation, and remain cautious about the potential damage to personal finances arising from such activities.
Weibo, in line with previous enforcement actions, affirmed its commitment to intensify efforts against illegal securities activities on its platform, strictly controlling violations of laws and regulations without tolerance. This move follows China's ongoing crackdown on private cryptocurrency-related activities, motivated by concerns such as capital flight, money laundering, and the protection of state-owned cryptocurrency initiatives. Some of these regulatory measures have inadvertently affected non-Chinese investors.
