After the Bitcoin price surge, Weibo suspends Huobi, Binance, and OKEx accounts.

[Cordillerabit]

At around 7:15 UTC (2:15 a.m. ET) on Thursday morning, the Chinese social media platform Weibo suspended the official accounts of Huobi, Binance, OKEx, and the upstart crypto exchange MXC. These accounts, according to Weibo, had broken laws and community rules.

The suspension came several hours after news that bitcoin (BTC, +3.54% ) had reached a market cap of $1 trillion became Weibo's 10th most popular topic. Around the same time, another topic about a semiconductor chip shortage causing the bitcoin price to skyrocket became the 25th most popular on Weibo. According to its most recent quarterly report, Weibo has 511 million monthly active users.

According to Weibo, the ranking is based on a number of factors, including the number of likes, comments, searches, and reposts generated by specific content over a 24-hour period.

The Chinese government does not outright ban bitcoin, but it does place restrictions on the activities of centralized cryptocurrency exchanges. The government's stance on bitcoin is sometimes difficult to comprehend. While some regulators see bitcoin as a threat to China's financial stability, the cryptocurrency's recent bull run was featured on state television.

Weibo has previously blocked influential cryptocurrency accounts. In 2019, the platform deactivated the accounts of Justin Sun, the founder of Tron, and Yi He, a Binance executive.

In 2018, WeChat, another Chinese social media platform, permanently shut down several public accounts, claiming that the accounts were creating content related to initial coin offerings or promoting cryptocurrency trading.

As of press time, the official Weibo accounts of these exchanges' CEOs were still accessible.

Source: Bityard