China shuts 13,000 social media accounts for promoting crypto investment
China has shut down nearly 13,000 accounts advocating cryptocurrency investments on popular Chinese social media platforms this year, deleted 51,000 related posts and closed 105 websites offering crypto-related information, the Cyberspace Administration of China (CAC) announced on Tuesday.
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Fast facts
- The CAC said the account-deletion campaign is to enforce the decisions of China’s Communist Party, adding that it identified many accounts based on tips from users on social media.
- CAC said it would continue to suppress illegal financial activities related to cryptocurrencies in cooperation with other authorities. China banned cryptocurrency trading and mining last September.
- Meanwhile, some Web3 firms based in China are relocating to Singapore due to regulatory uncertainty and repeated zero-Covid lockdowns in China.
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