WeChat declares accounts involved in crypto as ‘violating content’

China's most popular messaging and calling app WeChat has reportedly banned crypto-related accounts on its platform.
China's most popular messaging and calling app WeChat has reportedly banned crypto-related accounts on its platform.

China’s most popular messaging and calling app WeChat has reportedly banned crypto-related accounts on its platform. It has updated its rules to limit or ban public accounts on its platform that are involved in any kind of issuance, trading, and financing of digital assets, including NFTs. 

Chinese crypto reporter Colin Wu shared the link to the article and a snapshot that says that the company has put “engaging in virtual currency or digital collection business” under its “Illegal business operations” clause and called it “violating content.”

In October last year, WeChat had censored searches for crypto exchanges Binance and Huobi. The move came to restrict Chinese citizens from getting information about these exchanges from the messaging app.

WeChat further declared:

“Accounts involve the issuance, transaction, and financing related to virtual currency, such as providing transaction entry, guidance, issuance channel guidance, etc.”

The updated rules by WeChat

WeChat, which has 1.1 billion daily active users, considers accounts that engage in transaction and exchange businesses between digital and fiat currency or cryptocurrencies, as well as those that provide information, mediation, and pricing services for crypto transactions, token issuance financing, and cryptocurrency derivatives trading, to be illegal. Moreover, the WeChat rule also incorporates “accounts that provide services or content related to the secondary transaction of digital collections.”

According to the company, if it finds any violated accounts, it “will order the violating official account to rectify within a time limit and restrict some functions of the account until it is permanently banned according to the severity of the violation.”

China’s hate towards the crypto industry is well-known. Last year, the Chinese government banned crypto mining and trading in the country, leaving large amounts of crypto investors in sadness. However, a surprising instant came when the Shanghai High People’s Court made headlines for classifying Bitcoin as a virtual property protected by Chinese law.

In March, as TheCoinRise reported, several leading internet giants and social media platforms in China removed NFT platforms, fearing the government’s crackdown.