China has shut down nearly 13,000 accounts advocating cryptocurrency investments on popular Chinese social media platforms this year, deleted 51,000 related posts and closed 105 websites offering crypto-related information, the Cyberspace Administration of China (CAC) announced on Tuesday.
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Fast facts
- The CAC said the account-deletion campaign is to enforce the decisions of China’s Communist Party, adding that it identified many accounts based on tips from users on social media.
- CAC said it would continue to suppress illegal financial activities related to cryptocurrencies in cooperation with other authorities. China banned cryptocurrency trading and mining last September.
- Despite the crackdowns, China still ranks second in the world for cryptocurrency mining with 21% of the mining hashrate as many crypto miners in the country went underground.
- Meanwhile, some Web3 firms based in China are relocating to Singapore due to regulatory uncertainty and repeated zero-Covid lockdowns in China.
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