CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$21,165.00
  • ethereum
    ETH$1,198.48
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Crypto Fund
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » China’s Social Media App Weibo Reportedly Bans the Accounts of Binance, OKEx, and Huobi

    China’s Social Media App Weibo Reportedly Bans the Accounts of Binance, OKEx, and Huobi

    Author: Jordan Lyanchev

    Last Updated Mar 11, 2021 @ 21:32

    The accounts of several crypto exchanges, namely Binance, OKEx, and Huobi, have reportedly been banned by the Chinese social media platform – Weibo.

    While some Chinese companies have purchased BTC and ETH, others, such as the social media giant Weibo, have reportedly halted the accounts of three of the largest crypto exchanges – Binance, Huobi, and OKEx. Weibo has justified its decision by outlining “abnormal practices” and breaching security risks.

    Weibo Targets Crypto Exchanges

    It may not come as a surprise that a Chinese-based company has a somewhat hostile approach towards the cryptocurrency industry, keeping in mind the country’s negative stance. This narrative received further confirmation today as the local media outlet, the Global Times, reported that the microblogging platform Weibo had blocked the accounts of several digital asset trading venues.

    Namely, those are the Malta-based OKEx and Binance, and the Seychelles-based Huobi. According to the coverage, the social media company has outlined two possible reasons for its actions.

    More specifically, those are potential safety risks and abnormal practices connected to each account. Nevertheless, Weibo has failed to disclose the precise nature of either of these reasons. A Huobi spokesman said that the exchange is “actively communicating with Weibo” to resolve the matter.

    It’s worth noting that this is not the first similar ban for Binance or other crypto-related names. Back in 2019, Weibo temporarily halted access to the exchange’s account, citing that it had violated laws and regulations on the Weibo Community Convention.

    ADVERTISEMENT

    Additionally, the social media platform closed Justin Sun’s account later that year without providing any reasoning.

    Weibo’s current bans come amid an intriguing time in which another Chinese company showed a significantly more positive approach to the crypto industry. The tech firm Meitu recently purchased 380 BTC and 15,000 ETH.

    What Could it Be?

    While Weibo has failed to provide more specific information on why it has banned the accounts of some of the largest crypto exchanges, the ever-vocal community has speculated with a few possible reasons.

    One of them catches the eye, although it may seem somewhat distant at first glance – the Chinese central bank digital currency.

    As previously reported, the People’s Bank of China is arguably the most advanced central bank in terms of launching a CBDC. The world’s most populated nation has released applications, carried numerous trials, and completed thousands of transactions.

    Keeping in mind China’s official ban on bitcoin and its desire to maintain control over the financial system, it could be entirely possible that the country has urged local companies to ban crypto-related activities – activities that are in nature designed to bring back control to the people.

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

    You Might Also Like:

    • Governor Shaktikanta Das. Source: FinancialExpress
      Cryptocurrencies Are a Major Concern Says RBI Governor as India Contemplates Crypto Ban
    • BybitUK
      Bybit to Cease Services for UK Citizens Following the FCA Ban on Crypto Derivatives Trading
    • binance_cover_ath
      Binance Futures Daily Volume Hits ATH Above $100 Billion Amid Tumultuous Crypto Market
    Tags: Binance China Crypto Ban OKEx
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

  • bitcoin
    BTC$21,165.00
  • ethereum
    ETH$1,198.48
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    Over 33% of NFT Volume is Wash Trading: bitsCrunch CEO Interview

    Over 33% of NFT Volume is Wash Trading: bitsCrunch CEO Interview

    What’s Going on With Celsius Network and Why Is It a Huge Risk for Crypto (Opinion)

    What’s Going on With Celsius Network and Why Is It a Huge Risk for Crypto (Opinion)

    Institutions Are Definitely Here: ConsenSys’ Harriet Browning (Interview)

    Institutions Are Definitely Here: ConsenSys’ Harriet Browning (Interview)

    Binance Visa Card Guide: Read Before You Order

    Binance Visa Card Guide: Read Before You Order

    Bitstamp CEO JB Graftieaux: We Are Still Early (Interview)

    Bitstamp CEO JB Graftieaux: We Are Still Early (Interview)

    Okay Bears NFT Collection: The Complete Guide

    Okay Bears NFT Collection: The Complete Guide

    Our Ambition is to Become the Amazon of Crypto: Interview with Coinbase’s Guillaume Chatain

    Our Ambition is to Become the Amazon of Crypto: Interview with Coinbase’s Guillaume Chatain

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!