China’s Wechat Places a Ban on Crypto-elated Activities on its Platform

Highlights

• WeChat distances itself from crypto-related activities on its platform.
• WeChat, China’s largest social media platform, has placed a ban on crypto-related activities.
• WeChat updates its policies to ban accounts that carry our crypto and NFT-related activities.

WeChat, China’s largest social media platform, has placed a ban on crypto-related activities. In addition, WeChat updated its policies to ban accounts that carry out crypto-related or NFT-related services.

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The new policy covers the trading, issuing and financing of crypt projects, including NFT projects. It also covers some secondary trading activities. In addition, WeChat says it will ban any account that provides content or services related to digital collections and will classify them as illegal transactions.

And as punishment, WeChat has this to say;

We will order the violating official account to rectify within a time limit and restrict some functions of the account until it is permanently banned according to the severity of the violation.

WU blockchain {Colin Wu}, a Hong Kong-based crypto news reporter, disclosed this on Monday. He disclosed this on his Twitter handle, stating that the number of WeChat users in China is 1.1 billion daily.

It is shocking to know this at this time, considering the time the Chinese government banned crypto-related activities. China placed the ban between May and September 2021. And WeChat is taking action months after.

Not only WeChat but other social media platforms like Whaletalk have also been distancing themselves from crypto-related activities since the ban. These platforms are distancing themselves from the crypto space over the fear of a crackdown from Beijing and a lack of regulatory clarity.

We must mention that despite the ban on crypto activities, there was a high increase in collectable digital platforms, which increased to over 500 in the country. This was in February 2022, months after the nationwide ban on crypto activities.