Binance’s and TRON’s social media accounts were based on the Chinese microblogging platform Weibo as we are reading further in the TRX news today.
A few hours ago, Binance And TRON were removed from the most popular social media websites and the translation of the removal explained that the ‘’account is in violation of Weibo community rules and regulations.’’ Both of the platforms didn’t respond further to any questions they received. Back in June, Justin Sun won a charity auction to have the popular crypto lunch with Warren Buffet and he canceled the meeting saying that he had a terrible case of ‘’sudden kidney stones.’’
Shortly after, the Chinese news publication the 21st-century Business Herald reported that the TRON network as being used to facilitate the illegal gambling in the country and that the founder of the project Justin Sun’s social media app Peiwo was only used for pornography transactions. Another Chinese media publication Caixin added another twist to the story claiming that Sun was barred from getting out of the country by the Chinese authorities that piled allegations of illegal fundraising and money laundering but also that Sun was involved in facilitating the pornography and gambling transactions.
Justin Sun denied the allegations but the incidents spiked after Sun issued a several page apology on Weibo for his ‘vulgar hype and marketing behavior’ but of course, the apology was deleted shortly afterward. One of the reasons why Weibo decided to remove TRON could be related to one of these incidents.
China, on the other hand, has been extremely hostile towards the cryptocurrency since in 2017 the country banned initial coin offerings and shortly after it outlawed all of the crypto exchanges in the country forcing Huobi, Binance and OKCoin to move to friendlier crypto countries but other smaller exchanges were not so lucky. In April, China’s national development and reform commission which is a top-level economic planning agency proposed to categorize Bitcoin mining as a wasteful industry that should be eliminated or at least restricted.
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However, the commission scrapped the proposal later.
The central government of China also has a high degree of control over the local media and it is known to always censor the content that challenges the authorities and Weibo also falls under this framework.
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Given the entire history of the country and its stance on crypto, the removal of Binance and TRON is not surprising at all.
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