China’s WeChat Puts a Stop to All NFT and Crypto Activity
A recent policy update of China’s leading social media network WeChat has instated that accounts which provide access to crypto or NFT-related services are no longer allowed on the platform.
More specifically, the new guidelines have ruled that any of the platform’s 1.1 billion active daily accounts that are involved with trading, issuance, and/or financing of crypto or NFTs, will now fall under the ‘illegal business category,’ and will therefore be restricted or banned from using its services. Such policy also relates to accounts involved with secondary NFT market sales.
If a user is discovered by platform officials to be violating the rules, the account in question will have to rectify its rule-breakings within a certain time limit, all whilst having its account functions restricted. Alternatively, if the severity of the case is large enough, the violating user will be permanently banned from the platform.
WeChat is not the only major Chinese social media platform to distance itself from blockchain tech, as WhaleTalk, the country’s go-to platform for digital collectibles, has also issued its concerns with NFTs and crypto, not only because of the lack of regulatory clarity within the space, but also because of the fear that officials from Beijing will imminently crackdown on their operations if anything appears to be veering from the country’s anti-Web3 ethos.
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