Sina Weibo, one of China’s most popular social media apps with over 258 million daily active users, has taken action against 80 influencer accounts involved in promoting cryptocurrency activities, citing official legislation.
In an announcement on September 5th, Weibo stated that it had “proactively removed” 80 crypto influencer accounts, collectively boasting more than 8 million followers. These accounts were accused of violating eight regulations related to telecommunications, finance, banking, online marketing, securities, exchanges, and internet safety in their promotion of cryptocurrencies.
Weibo has been periodically purging crypto-related accounts since China’s cryptocurrency ban went into effect in September 2021. In March, the platform removed 131 accounts associated with crypto and stock trading activities.
The most extensive nationwide crackdown occurred in August 2022, when the Cyberspace Administration of China (CAC) removed 12,000 influencer accounts on both Weibo and Baidu, along with 51,000 promotional posts linked to cryptocurrencies. Defending their decision, the CAC stated, “The purpose is to protect the property safety of the people in accordance with the law and to remind the majority of netizens to establish correct investment concepts, enhance risk prevention awareness, refrain from participating in virtual currency trading hype activities, and beware of personal property damage.”
Similarly, Weibo emphasized in its previous enforcement action: “We will continue to increase the crackdown on illegal securities activities that exist on the platform and strictly control related violations of laws and regulations, and we will never tolerate them.”
Beginning this year, China has been clamping down on private crypto-related activities due to concerns about capital flight, money laundering, and the preservation of its state-run crypto initiatives. Some of these measures have unintentionally affected non-Chinese investors.
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