Weibo Bans Binance in Crackdown Over “Violations of Law”, is Exchange Supporting HK Protests?

Weibo Bans Binance in Crackdown Over “Violations of Law”, is Exchange Supporting HK Protests?

Chinese social media giant Weibo, has closed down crypto exchange Binance’s account stating the company “violated” its terms of use.

Now, rumors are surfacing online the move has been prompted by allegations the Malta-based exchange is secretly funding Hong Kong protestors.

As the protests in Hong Kong drag into their eighth month the Chinese government is ratcheting up its pressure on the region’s government to get a handle on the ongoing protests which have ground Hong Kong’s economy to a standstill.

In an apparently unconnected move, a few days ago Binance, the cryptocurrency exchange that left China to set up its headquarters in Malta, had its Weibo page terminated.

Weibo is a China-based social media platform that allows businesses and individuals to communicate.

But anyone trying to access Binance’s page on the platform is now greeted with a message saying the page has been made “invisible” due to a breach of the site’s terms of service.

The message reads: “The account has been invisible due to violations of laws and regulations and the relevant provisions of the Weibo Community Convention.”

In addition, all content has been stripped away from the page, including posts and follower numbers.

The move prompted the China Times to speculate that more “stringent penalties” were behind it, pointing to an announcement from Binance last month that it was looking to add fiat gateways to weChat and Alipay, to make it easier for people to buy and sell cryptocurrencies using the popular chat and payment apps.

However, amongst the noise is speculation online that the termination has been prompted by alleged support of the Hong Kong protests by Binance.

Claims made by an unnamed source state Binance has secretly been financing protests in Hong Kong.

The source claims:

“Binance is suspected by the Chinese government of backing the riots in Hong Kong with funds.

“Binance is providing rioters with funding channels and the Chinese National Security Department is already monitoring the exchange. This also explains why their Weibo account was shut down a few days ago.

“Additionally, the founder of another renowned Chinese crypto exchange, MXC, has left the country, possibly because of a tightening of regulations surrounding the use of crypto in China. MXC has been famous for its transaction mining and volume tokens which led to a high trading volume on the exchange in a very short time.”

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