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

source-logo  forkast.news  + 3 more 09 August 2022 11:05, UTC

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.
  • Despite the crackdowns, China still ranks second in the world for cryptocurrency mining with 21% of the mining hashrate as many crypto miners in the country went underground.
  • 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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