At press time, Binance’s Weibo page is blocked, displaying a notice that the account has violated provisions of the Weibo Community Convention. All content, including Binance’s posts and the number of followers, is currently unavailable.
Binance’s official account on China’s major microblogging website Weibo has been blocked. The account of the major global exchange was blocked on Nov. 13, purportedly due to violations of the site’s policies, Taiwan-based publication The China Times reported on Nov. 15.
Cointelegraph has contacted Binance for a comment on the issue, but the exchange has not replied as of press time.
Binance’s plans to launch WeChat and Alipay fiat gateways could be a reason
Alongside insider reports about more stringent penalties for the industry in China, the action could also be caused by Binance’s launch of new fiat gateways in the country. Zhu Hongbing, chairman of Singapore Blockchain Technology Foundation, told The China Times that the suspension of Binance’s account on Weibo is connected with its initiative to accept fiat currencies through China’s payment giants Alipay and WeChat.
Binance CEO Changpeng Zhao (CZ) confirmed that Binance has started accepting fiat via Alipay and WeChat on Oct. 9. Following the announcement, Alipay stated that it will be banning all transactions identified as connected to Bitcoin (BTC) and other cryptocurrencies on Oct. 10.
Tron’s Weibo account is also blocked, while those of Huobi and OKEx are operational
The Tron Foundation, the crypto firm behind the 11th biggest cryptocurrency Tron (TRX), has also had its Weibo account blocked. Meanwhile, the accounts of popular crypto exchanges Huobi and OKEx are still available at press time.
Launched in 2009, Weibo is reportedly the second-largest social media platform in China, often referred as the “Chinese Twitter.”
Earlier today, CZ claimed that President Xi Jinping’s endorsement of blockchain will inevitably drive the mass adoption of crypto. In mid-October, Binance launched peer-to-peer trading for Bitcoin, Ether (ETH) and Tether (USDT) against the Chinese yuan.
Bitcoin News Summary – March 25, 2019
Here’s what happened this week in Bitcoin in 99 seconds.
Digitec-Galaxus, considered Switzerland’s Amazon.com, started accepting Bitcoin and 9 major altcoins. The company will utilize payment processor Coinify to instantly convert all crypto received into Swiss francs. The company may expand this initiative to German customers in future.
Jack Dorsey, CEO of Twitter and payments app Square, tweeted that Square is hiring crypto engineers. These developers will be paid for working on open source Bitcoin or crypto projects, and will be paid in Bitcoin.
Binance is launching a new way to buy Bitcoin from over 1,300 Australian news agents via its Binance Lite search. The purchase method will require KYC and carry a 5 percent fee, as well as sales tax.
Bitmain has suffered setbacks this year but seems to be returning to its core business; mining Bitcoin. China’s leading miner and ASIC producer is deploying 200,000 Bitcoin ASICs, in order to utilize the abundant hydro power available during China’s summer months. The equipment is valued at around $80 million.
And finally, a report released by Bitwise highlights an open secret in crypto: many unregulated exchanges are reporting falsely inflated volume. Bitwise’ research, which was presented to the SEC in furtherance of a Bitcoin ETF approval, suggests 95% of reported volume is fake. Bitwise state that Bitcoin’s daily -exchange traded volume total is around $270 million, traded mostly across 10 regulated exchanges, like Binance, Coinbase, and Kraken.
That’s what happened this week in Bitcoin. See you next week.