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23 June 2021

After Bitcoin Mining, China Cracks Down on Crypto Influencers on Weibo

After Bitcoin Mining, China Cracks Down on Crypto Influencers on Weibo


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Earlier this year, the social media platformsuspendedthe official accounts of Huobi, OKEx, and Binance--the three most popular crypto exchanges among the Chinese traders. 

Expected to be released within the next three months, it would mean that “[over-the-counter] merchants, exchanges that provide matching transactions, mining, and [initial coin offerings] are likely to constitute illegal business crimes in the future.”

According to Wu, thenewshas caused “real panic” within the Chinese crypto industry since new rules would mean “that almost all those involved in cryptocurrency would be criminally convicted.”

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