Weibo Takes Action Against Virtual Currency Trading Hype, Shuts Down 80 Accounts

Additionally, it aligns with the “Cybersecurity Law of the People’s Republic of China,” “Telecommunications Regulations of the People’s Republic of China,” “Regulations on Preventing and Dealing with Illegal Fund Raising,” and “Decision of the State Council on Cleaning up and Rectifying Various Trading Venues to Effectively Prevent Financial Risks.”

To enforce these regulations, Weibo has taken proactive steps, including investigating and responding to user complaints while centrally processing information related to illegal virtual currency trading and speculation. As a result of these efforts, Weibo has identified and closed a total of 80 accounts that were involved in promoting or engaging in activities related to illegal virtual currency trading and speculation.

The offending accounts, which have been shut down, serve as a clear demonstration of Weibo’s commitment to maintaining a secure and compliant online environment for its users. By taking swift and decisive action against those attempting to exploit its platform for illegal financial activities, Weibo aims to protect its users from potential risks associated with virtual currency trading hype.

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