WeChat bans crypto-related accounts

Tuesday 21 June 2022 14:07 CET | News

WeChat, one of China’s most popular instant messaging and calling apps, has banned crypto-related accounts on its platform.

Specifically, WeChat has recently updated its rules to specify that public accounts on its platform, which are involved in the issuance, trading, and financing of crypto and NFTs, will be limited or banned.

According to the updated rules, WeChat, has put engaging in virtual currency or digital collection business under its Illegal business operations clause and considers it as violating content.

In particular, the affected accounts include those of transaction and exchange businesses between virtual and fiat currency or between cryptocurrencies, those that provide information, mediation, and pricing services for crypto transactions, as well as the accounts involving token issuance financing and cryptocurrency derivatives trading.

Additionally, this rule also covers accounts that provide services or content related to the secondary transaction of digital collections.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: regulation, NFT, crypto, digital assets
Categories: DeFi & Crypto & Web3
Companies: WeChat
Countries: China
This article is part of category

DeFi & Crypto & Web3


Discover all the Company news on WeChat and other articles related to WeChat in The Paypers News, Reports, and insights on the payments and fintech industry:

Industry Events