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.

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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