- Tron banned from Weibo, a Chinese microblogging platform
- Crypto crackdown starts in China
- Justin Sun’s antics may be responsible for the ban
Tron news today – Chinese microblogging platform, Weibo has banned Tron along with Binance from its platform. Weibo, which is a lot like Twitter is one of the most popular social media sites. It banned Tron some hours ago. The removal pages stated that the account violated the rules and regulations of the Weibo community.
Tron is yet to comment on the matter
Some analysts believe that the removal of both accounts is a part of the crackdown on crypto in China. However, some believe that Justin Sun’s antics may have played a larger role in his ban. Sun as not commented on the matter yet.
Earlier in June, Sun bid in charity auction and won a lunch with Warren Buffet. Shortly after, Sun cancelled the meeting after he was reportedly down with kidney stones. The 21st Century Business Herald, a Chinese publication reported that the TRON network had been involved in illegal gambling in China. It also accused Sun of using Peiwo, his social media app for pornography transactions.
Caixin, another Chinese media publication reported something different from the situation. It claimed that the founder of Tron was barred from exiting the country by the Chinese authorities. It cited allegations of money laundering and illegal fundraising as well as the previous allegations of gambling and facilitating pornography.
Sun dispelled all the rumors about being held against his will in a live stream from the U.S. Later on, Sun issued an apology on his Weibo page for his vulgar marketing and hype behavior. He deleted the apology a short while later, but users shared the screenshots on the platform. This could be the genesis of the removal of Tron from Weibo.
Chinese hostility towards cryptocurrency
Hostility toward crypto from China is not new. A few years ago, the country barred Initial Coin Offerings and outlawed crypto exchanges. This move forced the likes of Huobi, Binance, and OkCoin to take its business offshores. More than 20 smaller exchanges were also affected.
Also, earlier in the year, the National Development and Reform Commission of China proposed to place bitcoin mining under restriction as a wasteful industry. This development by the top-level planning agency did not see the light of day. It was scrapped this month.
The central government of China has a lot of control over the local media. It is also known to censor lots of content that challenges it authority. One platform under its control is Weibo. Considering the crypto history of China, this removal of Binance and Tron doesn’t come as a surprise.