China’s largest messaging app WeChat to ban accounts engaging in Bitcoin, crypto, and NFTs
WeChat, China’s most popular messaging app with over 1.1 billion daily users, announced on Monday that it will ban accounts that provide services or content related to bitcoin or cryptocurrency. The Chinese social network said it has changed its policy and will now ban accounts connected to crypto and NFTs.
The messaging app has placed “engaging in virtual currency or digital collection business” under its illegal operations clause, meaning it will be considered as “violating content.” The news was first reported by Hong Kong-based crypto reporter Wu Blockchain (Colin Wu), who noted that WeChat public accounts involved in the issuance, trading, and financing of crypto and NFTs will either be restricted or banned.
In a post on Twitter, Wu Blockchain included a link to the updated WeChat 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://mp.weixin.qq.com/mp/opshowpage?action=newoplaw#t3-3-23,” Colin We tweeted.
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
WeChat is a Chinese multi-purpose social media mobile application software developed by Tencent. It is similar to WhatsApp. It was first released in 2011, and by 2017 it was one of the largest standalone messaging apps by monthly active users, with over 1 billion monthly active users (1.1 billion daily active users). The app allows users to easily connect with family & friends across countries. It’s the all-in-one communications app for free text (SMS/MMS), voice & video calls, moments, photo sharing, games, and more.
Below is the updated WeChat policy
3.24 Transaction Behavior of Virtual Currency and Digital Collections
The account number involves the issuance, transaction and financing related to virtual currency, such as providing transaction entry, guidance, issuance channel guidance, etc., including but not limited to the following types:
3.24.1 The transaction and exchange business between virtual currency and real currency, virtual currency and virtual currency;
3.24.2 Provide information intermediary and pricing services for virtual currency transactions;
3.24.3 Token issuance financing and virtual currency derivatives trading.
Accounts that provide services or content related to the secondary transaction of digital collections shall also be dealt with in accordance with this article.
Once such violations are discovered, the WeChat public platform will, according to the severity of the violation, order the violating official account to rectify within a time limit, restrict some functions of the account, and even permanently ban the account.