China’s largest messaging application, WeChat, makes another sweeping move against crypto trading and NFT transactions on its platform.
Chinese app WeChat bans all accounts that provide services or content related to cryptocurrency.
The policy also covers “accounts that provide services or content related to the secondary transaction of digital collections shall also be dealt with.”
If such negligence is found, WeChat said that “it will order the violating official account to deal within a time limit and restrict some of the functions of the account until it permanently banned according to the severity of the negligence.” (1)
The targeted accounts involve those facilitating “Transaction and exchange between virtual and real currency, provide services to the secondary transaction of digital collections.”
The sector has been seeing a large amount of official action against it since last year, including crackdowns on ecommerce firms, online financial services, social media platforms, gaming companies, cloud computing providers, ride-hailing apps and cryptocurrency miners, and exchange (2)
While the thoughts around cryptocurrencies have died down in China, banned on NFTs and cryptocurrencies will affect the position of WeChat as of world’s largest messaging application.