China’s Social Media Platform Weibo Allegedly Bans Top Crypto Accounts
Sources shared that there is a possibility that China’s top social media app, Weibo, might have banned accounts of crypto-related firms like Binance, Huobi, and OKEx. The news came as a shock to many in the Chinese digital asset space as many people within the region own digital assets. The world’s largest crypto exchange is also based in China, meaning that cryptocurrencies are an essential part of the lives of many Chinese natives.
While many people embrace cryptocurrencies within the region, with many firms buying large amounts of popular cryptocurrencies, Weibo seems to be unimpressed with the growing crypto interest. The social media app explained that abnormal practices and breaching security risks necessitated the ban of prominent crypto exchanges.
Weibo bans top crypto exchanges
The crypto crowd took the news with mixed feelings as the platform is yet to give concrete reasons for its actions. China is one of the countries that support digital currencies as the government is currently working on launching its Central Bank Digital Currency. At the same time, firms within the region have extensive crypto portfolios.
China is also the home to many crypto miners due to adequate machinery and cheap electricity. Unfortunately, China’s regulations have not been very crypto-friendly, which could have influenced the social media platform’s bad reaction. A local source explained that other crypto trading platforms were also banned by the popular Chinese app apart from the three well-known firms.
The well-known crypto exchanges that will no longer be on Weibo are Seychelles-based firm, Huobi, Binance, and OKEx. The report also revealed that some reasons could have necessitated the ban from Weibo. The app listed the abnormal practices and security risks associated with the accounts, but it failed to give details of the allegations it raised against the trading platforms.
One of the banned crypto exchanges, Huobi’s representative, revealed that the firm would resolve the ongoing issue with the app. There might be reasons for the continuous banning of crypto-related accounts on the platform, as Weibo had once halted crypto exchange accounts in 2019.
The CBDC’s creation might have influenced Weibo’s hostility
When the app banned the accounts that year, it explained that the exchanges had broken some rules and regulations that guided the Weibo community. Another crypto Influencer’s account, Justin Sun, CEO of Tron’s Weibo access was restricted as he could not use his account during the year Weibo temporarily restricted crypto-related accounts.
Some people compare Weibo’s sudden hostility towards cryptocurrencies to Meitu’s embrace of the digital asset world. The latter had purchased over $40 million worth of cryptocurrencies, making it one of China’s top crypto Influencers.
Although Weibo had not given specific details for the ban, the crypto space is always ready to dig up facts about the sudden hostility. One of the top factors that the space believes influenced the change is the CBDC’s creation. China has been working for years on the digital currency, and now it’s officially going through the trial. The space believes that the currency caused Weibo’s negative outlook on nongovernmental digital currencies.
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