China shuts 13,000 social media accounts for promoting crypto investment

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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.

See relat­ed arti­cle: Ten­cent to cut domes­tic NFT mar­ket­place team, look over­seas: report

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.

See relat­ed arti­cle: China’s Com­mu­nist Par­ty wants to reg­u­late NFTs

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