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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Tron Weibo Account Gets Banned, Is China Cracking Down on Crypto?

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
crypto china bitcoin tron

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The crypto asset known as Tron, has had its official Weibo account banned from the social media platform.

Could China be starting its crackdown on cryptocurrencies, now that the country is close to launching a cryptocurrency of its own, the DCEP?

Tron and Binance Weibo Accounts Shut Down for Violating Law

According to Chinese crypto influencer, Dovey Wan, the official Tron Weibo account – China’s version of Twitter – has been banned citing “violation of law and regulation.”

Related Reading | Chinese Interest in Bitcoin Remains High Post Crypto Rally According to Data

Shortly following the influencer’s tweet about the subject, the official Weibo account for cryptocurrency exchange Binance was also banned. As of this writing, however, the Weibo accounts for Binance CEO Changpeng Zhao, Binance CMO Yi He, and Tron founder Justin Sun, have not been affected by the regulation-related banning.

In addition to this @binance Weibo is also shut down around the same time. @cz_binance @heyibinance @justinsuntron personal Weibo accounts are all good

However, Huobi, Okex, NEO and Ontology’s company Weibo accounts are intact

🤔🤔 there is a clear wall here it seems like https://t.co/PkkfcY61yW

— Dovey "Rug the fiat" Wan (hiring) (@DoveyWan) November 15, 2019

Wan also points out that the Weibo accounts of other crypto exchanges, such as Huobi Global and OKEX, along with Chinese altcoin accounts for NEO and Ontology appear to be “intact.”

Wan claims there is a “clear wall” but as to the reason behind that wall, it is anyone’s guess. However, the wall could be due to China launching a cryptocurrency of its own.

Could China’s DCEP Be Bad News For Crypto in the Region?

At the end of October, Chinese President Xi Jinping spoke out in support of blockchain technology, urging the country to ensure it is on the forefront of the developing tech frontier.

The nod of support send the cryptocurrency community buzzing on how this was bullish for crypto and Bitcoin, and it caused Bitcoin to surge, setting its third-largest gain in a 24-hour period in the asset’s young history. Chinese altcoins followed, spiking significantly after the news broke.

But reality may be setting it. Bitcoin has now collapsed to below $8,500, and China appears to be starting a crackdown of cryptocurrencies it views as a threat to its own developing technology, a native crypto asset the country has dubbed DCEP: Digital Currency Electronic Payment.

Related Reading | Why China’s Interest in Blockchain Will Ultimately Be Bad For Crypto

China already tightly controls its citizen’s access to the internet, as can be seen in the example with Weibo shutting down accounts due to “violation of law and regulation.” It’s often referred to as the Great Firewall of China, in reference to the country’s iconic tourist location.

While the community’s initial reaction was to applaud China’s support of crypto, in the end, the country’s interest in blockchain technology could ultimately be bad for the crypto market.

The People’s Bank of China has been developing DCEP for “5-6 years” and expects to roll out DCEP soon to commercial banks in the region to begin testing, before introducing the crypto asset to its citizens at scale.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Reason to trust

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