China blocks 12,000 social-media accounts for cryptocurrency promotion

The Cyberspace Administration of China (CAC) said it had blocked 12,000 social media accounts involved in promoting cryptocurrencies and attracting investors.

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According to the regulator, information about \”easy money from digital assets\”, mining, and cross-border currency speculation circulated on platforms such as Weibo, Baidu, Tieba, WeChat and others.

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Officials also removed 51,000 articles and restricted access to 105 websites devoted to cryptocurrency topics. The authorities interviewed more than 500 commercial organisations involved in speculative activity.

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According to the CAC, the blocks were carried out because of a ban on cryptocurrency trading by Chinese authorities. At the same time, most of the accounts, articles and websites were blocked following user tips.

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The CAC said it will continue to work with other agencies to curb illegal financial activity related to cryptocurrencies.

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\”We remind social media users to publish accurate investment concepts, warn investors about risks and not participate in speculation with virtual currencies,\” the regulator said.

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As previously reported in June, WeChat’s communications system introduced a ban on the secondary trading of NFTs, and also announced penalties for accounts linked to cryptocurrency trading.

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