There are some very unusual things happening in the cryptocurrency space. Governments all over the world continue to scrutinize any company engaging in this type of activity.
In a recent turn of events, the Weibo accounts of some cryptocurrency projects have been blocked.
An Odd Decision by Weibo
Weibo, a Chinese blogging service which is often compared to Twitter, is one way for these companies to keep in touch with their user base in that country.
Unfortunately, the Chinese government isn’t too keen on letting the cryptocurrency industry thrive at this time.
There is still a ban on domestic trading of cryptocurrencies, which could explain this Weibo-related incident.
The accounts blocked belong to Binance and the Tron Foundation..
Binance is the world’s leading cryptocurrency trading platforms with dedicated branches in numerous regions.
The company has indicated it would focus on the Chinese market in the months to come. If their Weibo account is not accessible, that may prove to be a lot more challenging than initially assumed.
Why the Tron Foundation had its account blocked, is a bigger mystery no one really has an answer to.
It appears this measure is put in place because both entities “violated laws and regulations”.
That is a very common way of explaining a course of action that may not necessarily be reversed in the future.
There are concerns as to how the Weibo incident may be due to Binance’s language and plans regarding its Chinese venture.
The company will provide an option to buy Bitcoin through WeChat and Alipay, both of which are “competitors to Weibo.