Web WeChat to ban users for crypto and NFT trading
A leading social networking platform, WeChat is reinforcing China’s strict policies for crypto and NFT trading. The platform will be increasing the surveillance on accounts connected with crypto tokens or digital assets. Following the policy change, web WeChat has also banned a few accounts that were involved in trading NFTs. A crypto reporter, Colin Wu (@WuBlockchain), from Hong Kong, first highlighted the WeChat update. On 20 June 2022, Wu identified the change in its code of conduct section.
Web WeChat updated its policy for crypto and NFT trading
WeChat has updated its terms and conditions for digital assets trading. The platform introduced the policy regarding the prohibition of crypto and NFT trading accounts in the Code of Conduct section. As per the recent update, any involvement with digital tokens or assets will be against web WeChat’s policies. Now, it will be an offence against the law to trade NFTs and crypto tokens on the platform.
Key points from web WeChat update
Here are some of the key points from the WeChat update for the activities related to crypto and NFTs:
- Business through cryptocurrencies is prohibited.
- Sharing information regarding any transaction involving cryptocurrency is not allowed.
- Digital currency derivatives, aka non-fungible tokens trading, are also prohibited.
- Digital assets’ secondary transactions will be illegal.
Crypto activities might lead to ultimate ban from web WeChat
With the current development regarding a Dogecoin investor suing the CEO of spaceX and Tesla, Elon Musk, for $258 billion, and Tech Giants like Bill Gates and Warren Buffet questioning the worth of Bitcoin, web WeChat is enroute to distance itself from the tech.
Now, accounts might face a permanent ban if they are observed to be involved in transactions related to digital currencies and assets. However, in the beginning, the platform will allow users a rectification period and will limit the features of the platform.
If the user fails to comply with the rules, the account will be permanently banned by WeChat. In addition, the severity of the violation will determine the action web WeChat officials take against the account. As WeChat has over 1.1 billion users in China, this move reiterates China's strict policy against crypto.
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