China Cracks Down on Bitcoin, Blocking Several Crypto Accounts

A slew of crypto-related accounts in China’s Twitter-like Weibo platform were blocked over the weekend, as Beijing stepped up a crackdown on bitcoin trading and mining.

More actions are expected, including linking illegal crypto activities in China more directly with the country’s criminal law, according to analysts and a financial regulator.

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Last month, China’s State Council, or cabinet, vowed to crack down on bitcoin mining and trading, escalating a campaign against cryptocurrencies days after three industry bodies banned crypto-related financial and payment services.

Over the weekend, access to several of widely followed crypto-related Weibo accounts was denied, with a message saying each account “violates laws and rules.”

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