Chinese Web Censor Resolves to Keep Cracking Down on Crypto After Closing 12K Social Media Accounts
China’s internet censor has struck again – and says it will continue to carry out a national crypto crackdown after closing thousands of crypto-related social media accounts and ordering the deletion of tens of thousands of crypto-themed posts.
Per Yicai, the censor, the Cyberspace Administration of China, says it has closed down some 12,000 accounts – mainly on the Sina-owned Weibo platform and Baidu’s Baidu Tieba. Some 51,000 posts have been deleted and 105 websites were pulled offline.
These sites included the likes of Bi Toutiao, which reportedly hosted “cryptocurrency marketing” materials, published tutorials explaining how Mainland Chinese citizens could conduct cross-border transactions despite the crackdown, and even advised Chinese readers on how to engage in crypto mining.
Beijing has been particularly keen to stamp out the latter form of activity, although a large number of BTC miners are thought to still be plying their trade in Mainland China.
The administration stated that it would not stop there, however, and announced its intention to “continue suppressing” what it called “illegal financial activities” linked to crypto. It added that it would work with other government organs to achieve its goal.
Despite the 2021 crackdown, crypto-related talk on the aforementioned social media platforms – as well as WeChat – remains commonplace.
Cryptonews.com has seen evidence of frank, Chinese-language crypto-related discussions on Weibo and WeChat in the past few months.
Crypto-flavored scams also remain rife on Chinese social media platforms – and continue to claim victims in spite of the crackdown. Multiple police and government agencies have attempted to counter this with educational campaigns. Elderly individuals with low-levels of understanding about crypto are often caught up in such scams – most of which promise investors outlandishly large returns on their “investments.”
On Wednesday, multiple media outlets reported that nine people were arrested in Haikou, Hainan Province, after allegedly duping 100 people – mainly pensioners and middle-aged people – into investing in a token the alleged fraudsters said was linked to the international Ponzi scam OneCoin.
- Chinese Central Bank May Apply Smart Contract Technology to Digital Yuan
- Chinese Provinces Tighten Crypto Crackdown – Despite Setting New Electricity Rates for Miners
- Chinese Crypto Users Still Find Ways to Circumvent Ban