China cracks down on social media accounts promoting crypto

China has shut down 13,000 accounts promoting cryptocurrency investments on Chinese social media platforms this year.

According to the Cyberspace Administration of the People’s Republic of China (CAC), alongside social media accounts, 51,000 related posts and 105 websites offering crypto-related information were taken down.

“The Cyberspace Administration of the People’s Republic of China urges and guides major website platforms to effectively implement their main responsibilities, continue to maintain a high-pressure crackdown on virtual currency transaction speculation, and increase efforts to induce virtual currency investment”, read the announcement.

Following China’s blanket ban on crypto trading and mining last September and the block on crypto websites like CoinGecko, CoinMarketCap and TradingView, any illegal financial activities will continue to be suppressed by the CAC in cooperation with other authorities.

The CAC said it will “work with relevant departments to strengthen the crackdown on illegal financial activities related to virtual currency and protect the property safety of the people in accordance with the law”.

Following the rules forgoing crypto activity, many traders and miners in the country went underground, and despite the ban China still ranks second in the world for cryptocurrency mining, making up 21% of the mining hashrate.

During such regulatory uncertainty and the criminalization of crypto-related activities in China, several Web 3.0 firms have relocated to Singapore as it takes a more progressive approach to cryptocurrencies and their global integration.

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Updated: 08/09/2022 — 22:00