Home » Technology » Popular Chinese Messaging Platform WeChat Prohibits Accounts Dealing in NFT, Crypto Services

Popular Chinese Messaging Platform WeChat Prohibits Accounts Dealing in NFT, Crypto Services

Popular Chinese Messaging Platform WeChat Prohibits Accounts Dealing in NFT, Crypto Services

After a public crackdown by the Chinese government on anything that has to do with cryptocurrency, one of China’s most popular instant messaging and calling apps in WeChat has now banned crypto-related accounts on its platform. As suggested by reports, accounts that issue, trade, and finance crypto and non-fungible tokens (NFTs) will be restricted under the new rules and will be classified as ‘illegal business’. Section 3.24 in the updated WeChat “Code of Conduct” declares that any account involved in the issuance, trading, or financing of digital currency will face consequences, with the possibility of a permanent ban.

As per a statement provided to the South China Morning Post, Tencent said it will “order accounts to rectify if they provide relevant services or content for secondary trading of digital collectibles, and limit some features or even ban the account.” The news comes after in April, WeChat acknowledged it had suspended some accounts linked to NFTs.

The policy update will also introduce penalties for accounts providing transaction channels, guidance, or issuing cryptocurrencies to WeChat users. Accounts enabling initial coin offerings (ICOs) and transactions of crypto derivatives will also be affected.

The report notes that with the move, WeChat’s management is taking into account the guidelines issued by Chinese regulators earlier this year suggesting that businesses in the industry should steer clear of the financial aspect of such digital…

See also  Instagram Repeating Stories Bug Fixed in Latest App Update on iOS

Read full article on gadgets360.com