With the Chinese government’s radical boycott of cryptocurrencies. After 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 will be considered a violation?
Involving exchanges, performing exchanges between cryptocurrencies and fiat or between cryptocurrencies.
Provide information, pricing for cryptocurrency transactions.
Funding, support token issuance and crypto derivatives trading.
Provide 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.
China has long been known to be hostile to cryptocurrencies. Many platforms and miners are fleeing 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”.
