China News

China sweeps up 12,000 crypto-related social media accounts  

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China sweeps up 12,000 crypto-related social media accounts  

China’s internet regulator has launched a new campaign to crackdown on the crypto-currency accounts.

The Cyberspace Administration of China (CAC) has ordered social media platforms to terminate 12,000 cryptocurrency-related accounts, as Beijing continues to ramp up its crackdown on the industry, says South China Morning Post (SCMP).

The purged social media accounts span multiple platforms, including Weibo, Baidu and  Tencent Holdings’ WeChat, according to the CAC. It has also shut down 105 websites that “hyped up” crypto-currencies and ran tutorials on buying, selling and mining the digital assets, the report said.

The latest crackdown is part of a new campaign the CAC launched recently targeting the “chaos” of cryptocurrency speculation, SCMP report said quoting the watchdog, since netizens were “confused by” the false promise of high returns and therefore suffered heavy losses from cryptocurrency trading activities.

The space for any cryptocurrency-related activities has continued to shrink in China, adds the report. Already, trading and mining of the blockchain-based tokens are banned###.