June 14, 2021

Chinese Weibo social network blocked Binance and Tron accounts

The Chinese social network Weibo has blocked the accounts of the cryptocurrency exchange Binance and Tron, believing that they violate the laws and requirements of the Weibo community.

All materials have been removed from the social network,published by Tron and Binance, as well as information about the number of subscribers. At the same time, Weibo did not specify how the companies violated the law, and did not provide links to materials that could violate the rules of the social network.

In February last year, Weibo announced that it does not allow the display of ads for products or companies related to cryptocurrencies in order to protect its users from scammers.

Chinese media make various assumptionsto explain this situation. Some say that Weibo simply tightened censorship and “rules of conduct” in the community. Others are of the opinion that the launch of a payment gateway for transactions with fiat currencies through WeChat and Alipay could affect the blocking of the Binance account.

This month, the Binance exchange opened a gateway through the AdvCash payment system for depositing and withdrawing rubles from credit cards, and also announced its intention to add support for all 180 fiat currencies of the world.

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