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China has been struggling across the board with crypto-related companies, especially with the launch of its digital yuan approaching. This was obvious earlier today after Weibo, China’s leading social media site, deactivated the accounts of a few big Bitcoin trading exchanges – Huobi, OKEx, Binance, and MXC.
According to sources, the accounts of the exchanges referred to above seemed to be inoperative on Thursday. As reported by Weibo, Huobi’s account had “abnormal habits” and was a safety concern. However, it must be remembered that there was no definite sign of the vote.
Although there was no official press release from the crypto-exchanges, the Huobi representative announced that the exchange was “actively speaking with Weibo” on the matter.
Interestingly, this is not the first time that Weibo has restricted crypto-associated accounts. Back in 2019, Binance Holdings Ltd. and Tron faced a similar suspension on the site, while watchdogs were pushing for the clean-up of firms participating in crypto-trading. At the moment, Binance was in negotiations with the network to reconsider its decision, and would have to do so again.
This time, though, the government seems to be more apprehensive about blockchain when it shuts down Bitcoin and other crypto-mining farms as well. KogoCrypto has previously announced that the government has extended the ban on mining ventures in Inner Mongolia. This decision followed China’s efforts to reach energy consumption goals.
However, the suspension of accounts was not limited to China alone. Twitter, a website similar to Weibo in China, has also recently removed crypto accounts. On Wednesday, crypto-enthusiast Peter McCormack noted that Twitter had deleted at least six crypto-related accounts, including Willy Woo’s and Plan B’s accounts.
While the accounts of Woo and Plan B were restored in no time, the suspension caused Woo to lose much of his supporters. On the opposite, users of Weibo will have to wait for the official comments of the parties concerned to resolve the ban and the eventual recovery.