Media: WeChat will block accounts associated with the promotion of cryptocurrencies and the sale of NFTs

Media: WeChat will block accounts associated with the promotion of cryptocurrencies and the sale of NFTs

Media: WeChat will block accounts associated with the promotion of cryptocurrencies and the sale of NFTs

Owned by the Chinese technology giant Tencent, the WeChat communications system has imposed a ban on the secondary trading of NFTs, and also announced «punishments& #187; for accounts related to cryptocurrency trading. This is reported by the South China Morning Post.

Bans and restrictions threaten users who are involved in cryptocurrency trading or provide recommendations for such transactions. 

Tencent also intends to «correct accounts» if they are caught providing services or content for the secondary trade «digital collectibles». The functionality of such accounts may be limited or even completely blocked.

Such measures are likely related to the negative attitude of the Chinese authorities towards cryptocurrencies and NFTs. In April, Chinese regulators urged companies to avoid interacting with non-fungible tokens.

Recall that in 2021, Tencent and another Chinese technology giant Ant Group changed the term NFT to “digital collectibles”. Other platforms have also distanced themselves from the definition of «non-fungible tokens».

Tencent explained at the time that the changes reflect the company's commitment to compliance.

In December, the Chinese authorities said that the metaverses and NFTs could be bubbles, Ponzi schemes or other types of financial fraud.

In March 2022, the Ant Group and Tencent-owned NFT marketplaces updated user agreements due to a lack of regulatory clarity . As a result, accounts of a number of platforms have been deleted on WeChat.

For more information about what NFTs are, read our cards:

What is NFT?

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