The Cyberspace Administration of China (CAC) announced the blocking of 12,000 social media accounts that promoted cryptocurrencies and attracted investors.
According to the regulator, information was spread through Weibo, Baidu, Tieba, WeChat, and other platforms about “easy money on digital assets”, mining, and cross-border currency speculation.
The agency also removed 51,000 articles and restricted access to 105 crypto-related websites. The authorities interviewed more than 500 commercial organizations involved in speculative activities.
According to the CAC, the blocking was carried out due to the ban on trading cryptocurrencies by the Chinese authorities. At the same time, most accounts, articles, and websites are blocked after the “tip” of users.
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The CAC will continue to work with other agencies to "suppress illegal financial activity related to cryptocurrencies."
“We remind social media users to post correct investment concepts, warn investors about the risks and not engage in speculation in virtual currencies,” the regulator said in a statement. Recall that in June, the WeChat communication system introduced a ban on the secondary trading of NFTs, and also announced “punishments” for accounts related to the trading of cryptocurrencies.