Finst

Authorities block 12,000 crypto accounts on social media

The Cyberspace Administration of China (CAC) is taking action against fraud and speculation in the crypto world.

By Mike Hesp
• 2 min read
Authorities block 12,000 crypto accounts on social media

The Cyberspace Administration of China (CAC) wants to take action against fraud and speculation in the crypto world. That’s why thousands of social media accounts have been blocked.

On behalf of the Central Committee (CC) of the Communist Party of China (CPC), the CAC has blocked 12,000 crypto-related social media accounts this year alone. This comes from a statement from the authority. According to the CAC, the accounts promoted fake yield promises. Some of them were also tied to criminal activity.

In the press release, the CAC continues to urge social media platforms to crack down on content that advertises crypto speculation. It also calls for more efforts to screen and correct information content and accounts themselves by platform operators.

Weibo and Baidu have already heeded the demand and blocked the accounts. They also removed 51,000 posts that contained phrases like "Make easy money by investing in Bitcoin." The CAC wants to crack down even further and has talked about shutting down even more crypto-marketing sites.

The measures are meant to protect users from fraud. China remains committed to anti-crypto policies. Last year the government banned bitcoin mining in the country.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.