WeChat bans crypto-related accounts

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.