WeChat Updates Policies to Ban Crypto and NFT-Related Accounts

WeChat, China’s most popular social media platform, has revised its policy to prohibit accounts from providing access to crypto or NFT-related services. Accounts involved in the issue, trading, and financing of crypto and NFTs will be restricted or prohibited under the new standards and fall under the “illegal business” category. The corporation notes that “accounts that supply services or material relevant to the secondary transaction of digital collections will likewise be handled by this rule.” “Once such breaches are identified, the WeChat public platform will depend on the severity of the violations, instruct the violating official accounts to rectify within a time limit and restrict some features of the account until the permanent account is banned,” according to the new policy. WeChat with more than 1.1 billion daily active users in China, has updated its rules: WeChat public accounts which involved in the issuance, trading and financing of crypto and NFTs will be limited function or banned. https://t.co/0I9oMrvFTp pic.twitter.com/mzclYjFZNg — Wu Blockchain (@WuBlockchain) June 20, 2022 Chinese Government Banned Local Crypto Sector The Chinese government implemented a phased ban on the local crypto sector between May and September last year. Given the time of the most recent WeChat policy amendment, the platform may have allowed some crypto activity to go undiscovered since then. Furthermore, because the assets can be p...