Bitcoin: Cryptocurrency accounts blocked on Chinese social network Weibo

SectorFinancial Markets
CountryMiddle east

The popular Chinese socia network Weibo has blocked a number of influential cryptocurrency-related accounts.

Several accounts reported that they had been denied access to their Weibo profiles over the weekend.

Some posted images online, which showed a message on their accounts saying that they have violated “relevant laws and regulations”. No further information was given about why the accounts had violated Weibo’s community rules.

Social networks are regularly used by cryptocurrency retailers and advocates, such as Tesla CEO Elon Musk, to discuss trading and the markets.

The crackdown on the Twitter-like platform comes as Beijing is escalating its efforts against bitcoin trading and mining online.

Chinese miners currently account for some 70 per cent of the world’s supply of Bitcoin, but the country has already lost its position as a global trading centre after Beijing banned crypto exchanges in 2017.

Last month, three Chinese industry bodies banned cryptocurrency-based financial and payment services.

In recent weeks, Chinese media have also stepped up reporting against cryptocurrency trading, more...