China’s app Weibo reportedly banned the accounts of a few crypto exchanges including Okex, Huobi, and Binance as we can see more in our latest cryptocurrency news.
Some Chinese companies purchased BTC and ETH ad others like Weibo stopped dealing with accounts of three of the biggest crypto exchanges Huobi, Okex, and Binance. China’s app explained the decision by outlining “abnormal practices” and breaching the security risks. It may not come as a surprise that the Chinese-based company has a hostile approach to crypto and has quite a negative crypto stance. This narrative received more confirmation today after the Global Times reported that the blogging platform Weibo blocked the accounts of multiple crypto trading exchanges.
These include the Malta-based OKEx, and Binance as well as Huobi. According to the coverage, the social media company outlined two main reasons for the actions and these are potential safety risks and abnormal practices for the accounts but Weibo didn’t disclose the precise nature of the reasons. The Huobi spokesman said that the exchange is communicating with Weibo to resolve the matter. It’s worth noting that this is not the first familiar ban for Binance and other exchanges as back in 2019, Weibo halted access to the exchange’s account citing violation of laws and regulations of the Community Convention.
The social media platform closed Justin Sun’s account later as well without explaining why. Weibo’s bans are coming in quite an interesting time for the country as it started showing a positive approach to the industry. For example, the tech firm Meitu purchased 380 BTC and 15,000 ETH. While China’s App Weibo didn’t provide more info on why it banned the accounts of the exchanges, the community outlined some reasons. One of them is the Chinese central bank’s digital currency. The people’s Bank of China is the most advanced central bank when it comes to launching a CBDC so the nation already released applications and carried out trials and transactions.
Keeping in mind that China’s ban on BTC and the goal to maintain control over the financial system, it will be possible that the country urged local companies to start banning crypto-related activities that can bring back control to the people.
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