Sina Weibo — one of the most popular Chinese social media apps, with over 258 million daily active users — has removed 80 influencer accounts promoting cryptocurrency activities, citing official legislation.
According to the Sept. 5 announcement, 80 crypto influencer accounts, with over 8 million total followers, were “proactively removed” by Weibo. The accounts were accused of breaching eight regulations related to telecommunications, finance, banking, online marketing, securities, exchanges and internet safety for their role in promoting cryptocurrencies.
The platform has been periodically sweeping out crypto accounts ever since China’s cryptocurrency ban took effect in September 2021. In March, Weibo removed 131 accounts linked to crypto and stock trading activities.
The largest nationwide crackdown occurred in August 2022, when the Cyberspace Administration of China (CAC) removed 12,000 influencer accounts on Weibo and Baidu linked to cryptocurrencies and deleted 51,000 related promotional posts. In defending the decision, the CAC wrote:
“[The purpose is to] protect the property safety of the people in accordance with the law and to remind the majority of netizens to establish correct investment concepts, enhance risk prevention awareness, refrain from participating in virtual currency trading hype activities, and beware of personal property damage.”
Similarly, Weibo said in its previous enforcement action:
“We will continue to increase the crackdown on illegal securities activities that exist on the platform and strictly control related violations of laws and regulations, and we will never tolerate them.”
Starting this year, China has been cracking down on private crypto-related activities due to a combination of capital flight, money laundering and the need to preserve its state-run crypto efforts. Some of these efforts have resulted in collateral damage for non-Chinese investors.
Canterbury MP Rosie Duffield has resigned from the Labour Party.
The 53-year-old MP is the first to jump ship since the general election and in her resignation letter criticised the prime minister for accepting thousands of pounds worth of gifts.
She told Sir Keir Starmer the reason for leaving now is “the programme of policies you seem determined to stick to”, despite their unpopularity with the electorate and MPs.
In her letter she accused the prime minister and his top team of “sleaze, nepotism and apparent avarice” which are “off the scale”.
“I’m so ashamed of what you and your inner circle have done to tarnish and humiliate our once proud party,” she said.
Since December 2019, the prime minister received £107,145 in gifts, benefits, and hospitality – a specific category in parliament’s register of MPs’ interests.
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Ms Duffield, who has previously clashed with the prime minister on gender issues, attacked the government for pursuing “cruel and unnecessary” policies as she resigned the Labour whip.
She criticised the decision to keep the two-child benefit cap and means-test the winter fuel payment, and accused the prime minister of “hypocrisy” over his acceptance of free gifts from donors.
“Since the change of government in July, the revelations of hypocrisy have been staggering and increasingly outrageous,” she said.
“I cannot put into words how angry I and my colleagues are at your total lack of understanding about how you have made us all appear.”
Ms Duffield also mentioned the recent “treatment of Diane Abbott”, who said she thought she had been barred from standing by Labour ahead of the general election, before Sir Keir said she would be allowed to defend her Hackney North and Stoke Newington seat for the party.
Her relationship with the Labour leadership has long been strained and her decision to quit the party comes after seven other Labour MPs were suspended for rebelling by voting for a motion calling for the two-child benefit cap to be abolished.
“Someone with far-above-average wealth choosing to keep the Conservatives’ two-child limit to benefit payments which entrenches children in poverty, while inexplicably accepting expensive personal gifts of designer suits and glasses costing more than most of those people can grasp – this is entirely undeserving of holding the title of Labour prime minister,” she said.
Ms Duffield said she will continue to represent her constituents as an independent MP, “guided by my core Labour values”.