Weibo purges cryptocurrency accounts amid bitcoin volatility as Beijing continues its crypto crackdown

  • Microblogging platform Weibo banned at least a dozen popular cryptocurrency accounts on Saturday
  • Beijing is ramping up a crackdown on cryptocurrencies amid concerns about financial risks and an effort to meet its green energy goals

Bitcoin price volatility and concerns about energy consumption have Beijing pursuing a new crackdown on cryptocurrency. On Saturday, Weibo banned several cryptocurrency accounts for violating “relevant laws and regulations”.
Chinese microblogging platform Weibo has banned several influential cryptocurrency accounts following Beijing’s pledge to ramp up a crackdown on bitcoin mining and trading.

At least a dozen popular Weibo users who post content about cryptocurrencies found themselves unable to use their accounts on Saturday night. Other users who attempted to access those pages were greeted with a message saying the accounts had violated Weibo guidelines and “relevant laws and regulations”.

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