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Sina (BitStamp:SINA) Weibo (NASDAQ:WB) — one of the most popular Chinese social media apps, with over 258 million daily active users — has removed 80 influencer accounts promoting cryptocurrency activities, citing official legislation.
According to the Sept. 5 announcement, 80 crypto influencer accounts, with over 8 million total followers, were “proactively removed” by Weibo. The accounts were accused of breaching eight regulations related to telecommunications, finance, banking, online marketing, securities, exchanges and internet safety for their role in promoting cryptocurrencies.