Binance and Tron’s Weibo Accounts Shut Down Due to “Violation of Law & Regulation”
China’s Twitter, Weibo has officially banned the accounts of leading cryptocurrency exchange Binance and 11th largest cryptocurrency Tron.
However, Huobi, Okex, NEO and Ontology’s company Weibo accounts are intact
🤔🤔 there is a clear wall here it seems like https://t.co/PkkfcY61yW
— Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) November 15, 2019
Weibo is one of the biggest social media platforms in China with over 445 million monthly active users as of Q3 2018.
“The account has been blocked due to violations of laws and regulations and the relevant provisions of the Weibo Community Convention,” reads both the entities’ Weibo page.
Both the official Weibo accounts have been blocked and the followers have been cleared as well. As per the China Times, this restriction could be subject to “more stringent penalties.”
It further said Binance launching the fiat payment gateways through WeChat and Alipay could also be the reason behind this ban.
In early October, Changpeng Zhao, co-founder, and CEO of Binance confirmed that users can use both the payment networks in P2P transactions for payment. However, Alipay responded with “NO, you cannot.”
Alipay further announced that any transactions that are related to Bitcoin or any virtual currencies would be immediately stopped while WeChat said it will “never” support crypto trading and has never integrated with any cryptocurrency merchant.
There is no clarity on the reason behind this ban. However, Weibo accounts of other crypto companies and digital assets viz. Huobi, OKEx, NEO, and Ontology are intact. Also, the personal Weibo accounts of CZ and Tron founder Justin Sun are working.