Justin Sun, Along With 9 Crypto Accounts, Face Weibo App Ban
The crypto industry is facing new challenges in China. The crypto-verse has slowly been side-lined across China while all efforts are being focused on developing CBDC or the central bank’s digital currency called the digital yuan. The stringent rules came to light with the withdrawal of multiple platforms for crypto. These were operational across the country by the Chinese government. This was followed by the government blocking more than ten crypto-related accounts on Weibo, the prominent social media platform of China. The impact of social media on the lives of the general people is immense.
Colin Wu, a prominent journalist for crypto, took to Twitter, claiming that the Weibo account of the founder of the Tron Foundation, Justin Sun, was blocked initially. This was followed by a tweet about other banned accounts. Ten accounts have made it to the list, along with that of Justin Sun. All the accounts that were blocked were related to cryptocurrencies and boasted millions of followers.
China is still Waging a War Against Crypto-Related Accounts
China, earlier this year, had blocked Binance, a popular crypto exchange platform. Binance recently saw an abrupt ban by China. The blocking of the app along with the website left Chinese citizens perplexed with its inaccessibility. A tweet by Wu in July relayed the plight of the users across Beijing having accessibility troubles on the website and the app version of Binance exchange since the countrywide ban ensued. The predicament did not seem to end with the introduction of a VPN that was mandated for the users to log into the accounts.
The news was later disregarded, with Binance stating a technical issue led to the unforeseen circumstances and that the situation was dealt with effectively by the exchange solving the blocking part. Crypto mining prospects across the country seem bleak, and there have been several blows the industry has received recently. Several mining platforms have exited the region. The hostility against crypto is on the rise in China, and the latest developments are proof enough of that.