Cryptocurrency transactions banned by WeChat

Wednesday 8 May 2019 14:04 CET | News

China-based payments app WeChat has updated its payment policy, mentioning that users engaging in crypto trading will have their accounts terminated.

As per the policy revision, merchants may not engage in illegal transactions including virtual currency trading or token issuing, alongside other banned payment outlets, such as pornography or online gambling. The new rule is meant to come into effect on 31 May.

As China has particularly stringent rules when it comes to cryptocurrency, with exchanges banned in the country, WeChat may have succumbed to government pressure. The company is a channel for over-the-counter (OTC) transactions in China, which means that the policy-change could strain liquidity pool in the region.

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Keywords: WeChat, cryptocurrency, transactions , payment channels, China, payment policy, OTC, exchanges, online gambling, government, liquidity
Countries: World