China blocks crypto-related social media accounts amid crackdown

Weibo, a Chinese microblogging platform similar to Twitter, has blocked various accounts linked to cryptocurrency over the weekend.

South China Morning Post reports that about 12 crypto influencers on Weibo found themselves unable to use their accounts on Saturday night.

Other users who attempted to access posts by the banned influencers were greeted with a message saying the accounts had violated Weibo’s guidelines and “relevant laws and regulations.”

In May, the Chinese government pledged to crack down on Bitcoin mining and trading.

China’s financial stability and development committee of the state council, chaired by Liu He, a Chinese vice-premier, had said that tighter regulation is needed to protect the country’s financial system.

It had earlier placed a ban on financial firms and payment institutions from offering services related to cryptocurrency transactions.

Under the ban, banks and online payments channels must not offer clients any service involving cryptocurrency, such as registration, trading, clearing and settlement.

China also banned crypto exchanges and initial coin offerings (IOCs) but has not barred individuals from holding cryptocurrencies.

Meanwhile, the Central Bank of Nigeria (CBN) issued a directive to banks to close accounts of persons or entities involved in cryptocurrency transactions.

The apex bank warned that virtual currencies pose the risk of loss of investments, money laundering, terrorism financing, illicit fund flows and other criminal activities.