China bans 80 top crypto influencers on Weibo

Beijing-based social media app Weibo has removed 80 popular crypto influencers in compliance with China’s strict crypto crackdowns.

The influencers each had over eight million followers, according to the South China Morning Post (SCMP). In a statement on Tuesday, Weibo said they had breached eight regulations in the sphere of marketing, internet safety, telecommunications, trade, and finance.

The social media giant has removed these accounts as part of a larger cleansing of misinformation from its platform. Weibo said that it will continuously regulate the site in accordance to China’s laws and initiate crypto probes into “illegal virtual currency trading information.”

Crypto influencers in China have been facing restrictions and bans since 2019, SCMP reports.

China’s crackdown on crypto continues to see strict enforcement at play, though its effectiveness remains in question. In July, police arrested 21 individuals accused of running an illegal Tether money laundering ring.

Additionally, the government is actively seeking to implement global monitoring in the metaverse — a move criticized by experts.

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