WeChat Bans Crypto and NFT-Related Accounts

    WeChat, China's most popular messaging, social media, and mobile payment app, has officially banned crypto-related accounts.

    The policy also covers secondary NFT transactions as the company noted that “accounts that provide services or content related to the secondary transaction of digital collections shall also be dealt with.”

    After several Chinese government crackdowns on cryptocurrencies, WeChat is the latest name to update new rules about these digital assets. Specifically, the application has banned accounts related to the issuance, trading, and funding of cryptocurrencies and also NFTs. Accounts that go against the new rule will be restricted or prohibited and will fall under the category of “illegal business”.

    Launched in 2011, WeChat is a messaging application developed by the giant Tencent. The app has been expanding its influence globally and affirming its power in China. 

    China has long been known for its hostility to cryptocurrencies. The demand to regulate Bitcoin mining and trading activities has caused the market to fall into crisis in 2021. The peak is the regulation to ban crypto trading altogether in September, which dyed red the whole market. After that, many platforms and miners fled the country. Several crypto KOLs on Weibo were also affected. 

    But in mid-May, the Shanghai High Court declared that Bitcoin has economic value and is officially protected by Chinese laws. However, WeChat’s latest move could be another step in the Chinese government’s crackdown on cryptos. 

    Follow our channels for more crypto news:

    Most Popular

    Related Posts