China Blocks Cryptocurrency-related Accounts

June 8, 2021

A slew of crypto-related accounts in China’s Twitter-like Weibo platform have been blocked as Beijing stepped up a crackdown on bitcoin trading and mining. More actions are expected, including linking illegal crypto activities in China more directly with the country’s criminal law, according to analysts and a financial regulator.

Last month, China’s State Council, or cabinet, vowed to crack down on bitcoin mining and trading, escalating a campaign against cryptocurrencies days after three industry bodies banned crypto-related financial and payment services, according to Reuters.

Over the weekend, access to several of widely followed crypto-related Weibo accounts was denied, with a message saying each account “violates laws and rules.”

“It’s a Judgment Day for crypto KOL”, wrote a Weibo bitcoin commentator, or key opinion leader (KOL), who calls herself “Woman Dr. bitcoin mini.” Her main account was also blocked on Saturday.

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