WeChat Bans Crypto-Related Accounts

WeChat, China’s most popular calling and messaging app, has officially banned crypto-related accounts as of today.

Wechat updates new rules for users

After the Chinese government’s crackdown on cryptocurrencies, a year of Weibo being “purged”, WeChat is the latest name to update new rules for users on the platform.

Specifically, the application has more than 1.1 billion daily active users banning accounts related to the issuance, trading, funding of cryptocurrencies and NFT. WeChat has included crypto-related activities under the term “illegal business” and deemed it “infringing content”.

So what cases will constitute infringing content?

• Involved with exchanges, performing exchanges between cryptocurrencies and fiat currencies or between cryptocurrencies.
• Provide information, pricing for cryptocurrency transactions.
• Funding, supporting token issuance and crypto derivatives trading.
• Providing services or content related to secondary transactions of digital collections.

If the violations of the above, depending on the severity, WeChat will issue a processing time and will limit some functions of the account. In the worst case, the user will be permanently locked out of the account.

First appeared in China in 2011, WeChat is a messaging application developed by the giant Tencent. WeChat is increasingly “expanding” its influence globally and affirming the power of a “super app” from the country of billions of people.

China has long been known to be hostile to cryptocurrencies. The demand to regulate Bitcoin mining and trading activities has caused the market to fall into crisis in 2021 culminating in the “comprehensive general election ban” in September, the “last drop” dyed the whole market red.

Many platforms and miners fled the country. Several crypto-related KOL accounts on the Weibo platform were also “touched”. Even a source familiar with the Chinese market called this “the harshest sweep in history”.

But in mid-May, the Shanghai High People’s Court ruled that Bitcoin has economic value and is officially protected by local laws. The notice was posted by the court on WeChat amid the shock of the community. The crypto scene in Shanghai has since officially turned the page, many also think that China will “turn the wheel”. However, touching WeChat could be the next step of the Chinese government in its efforts to “squeeze” crypto in the country.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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