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China cleans up crypto-related social media accounts

The Cyberspace Administration of China (CAC) has ordered social media platforms to terminate 12,000 cryptocurrency-related accounts. The CAC said nearly a thousand of the accounts that were closed had been “guiding” internet users to invest in cryptocurrencies “in the name of financial innovation and blockchain”. The regulator said it has also shut down 105 websites that “hyped up” cryptocurrencies and ran tutorials on buying, selling and mining the digital assets. The move is part of a new campaign by the CAC targeting the “chaos” of cryptocurrency speculation as netizens who were “confused by” the false promise of high returns and have suffered heavy losses from cryptocurrency trading activities. The regulator also said internet platforms should maintain strong measures in clamping down on cryptocurrency speculation while increasing efforts to clean up content and user accounts related to cryptocurrency investment.

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