Founders of Tron and Binance get their accounts removed from Weibo [UPDATED]

Founders of Tron and Binance get their accounts removed from Weibo [UPDATED]

The founder and CEO of Tron, Justin Sun, saw his account on social media platform Weibo shut down. While the Chinese version of Twitter offered no explanation as to why his account and the account of Binance co-founder Yi He were removed, Sun assured the crypto community that he had a “direct channel” to Weibo and that the issue will get resolved soon.

Justin Sun’s Weibo account shut down

Weibo shut down the accounts of two prominent crypto figures—the founder and CEO of Tron, Justin Sun, and Yi He, one of the founders of crypto exchange Binance.

Dovey Wan, the founder of venture capital firm Primitive Ventures and a regular source for crypto-related news from China, revealed the information on Twitter. However, Wan noted that the removal of Sun’s profile was not surprising, as the Tron founder was notoriously outspoken on the platform.

The co-founder and CMO of cryptocurrency exchange Binance, Yi He, was also inexplicably removed from the platform. According to screengrabs from both of their profiles, the accounts have been blocked “due to violations of laws and regulations, as well as the relevant provisions of the Weibo Community Convention.”

No other major names in the Chinese crypto industry had their accounts blocks, with Binance CEO Changpeng Zhao, Huobi CEO Leon Li, and OKCoin founder Star Xu all remaining on the platform.

Sun says everything is under control and profile removal was a mistake

The outspoken founder of Tron quickly reacted to the news about his profile getting removed from Weibo. In a reply to Wan, Sun assured his followers that this posed no danger to Tron or its native cryptocurrency TRX. He also added that the company has established a “direct channel” to Weibo and is working on getting the issue resolved as soon as possible.

The news about Sun’s removal from Weibo affected Tron’s price. According to data from CryptoSlate, the coin tanked 7 percent when the news broke, dropping from $0.014 to $0.013 in minutes. At press time, TRX seems upward bound and gearing up for a full recovery.

Tron’s price drop following the news about Weibo ban
Tron’s price drops following the news about the Weibo ban.

Weibo’s latest account purge is in line with the crypto crackdown that has been going on in China for the past few months. Earlier in November, the official accounts of Binance and Tron were suspended on Weibo as China’s financial watchdogs clamped down on companies involved in crypto trading.

The Chinese government has focused on pushing blockchain development in the country. The effort, spearheaded by the country’s president Xi Jinping, was supported by the People’s Bank of China, which aims to introduce better regulations to the blockchain and fintech industries.

Update (Dec. 12 at 11:48 am): Sino Global Capital CEO Matthew Graham notified CryptoSlate that Binance co-founder Yi He’s Weibo account access has been restored.

Posted In: , People of Blockchain
Invest with AMFEIX

Like what you see? Subscribe to CryptoSlate

Get our daily newsletter containing the top blockchain stories and crypto analysis straight to your inbox.

Sign up to stay informed
Priyeshu Garg

Priyeshu Garg

Crypto Analyst @ CryptoSlate

Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He holds an engineering degree in computer science engineering and is a passionate economist. He built his first digital marketing startup when he was a teenager, and worked with multiple Fortune 500 companies along with smaller firms. When he is not solving transportation problems at his company (Ola), he can be found writing about the blockchain or roller skating with his friends.

View author profile

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.