After the widely publicized crackdown by the Chinese government on cryptocurrency, China’s most famous instant messaging and calling apps – WeChat – has banned crypto-related accounts on its platform.
The added verbosity states that accounts involved in discussion of crypto trading, exchange between bit-bucks and real money, or provision of pricing services for digital currencies, all need to be stopped.
Account holders whose chats bears crypto discussions will be warned, and Tencent may restrict some functions of their accounts. Under the new guidelines, accounts involved with the issuance, trading, and financing of crypto and NFTs will be either restricted or banned and will fall under the “illegal business” category.
The policy also covers secondary NFT trading, with the firm noting that “accounts that provide services or content related to the secondary transaction of digital collections shall also be dealt with in accordance with this article.”
The move was highlighted by Hong Kong-based crypto news reporter Wu Blockchain (Colin Wu) on Monday, as he pointed out the significance of the action given that WeChat has more than 1.1 billion daily users in China.
Popular platforms such as WeChat and Ant group-owned WhaleTalk have been distancing themselves from the tech since March after they both reportedly began removing or restricting NFT platforms from their networks over a lack of regulatory clarity and fear of a crackdown from Beijing.
This news is published and verified by the NFT News media team.
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