Crypto and NFT-Linked Accounts Will be Banned on WeChat After Terms of Service Are Revised

　　WeChat, the Tencent-backed social messaging network in China, has announced its plans to tighten down on accounts tied to digital currencies and Non-Fungible Tokens in an indirect manner (NFTs).

　　According to Colin Wu, an independent crypto journalist, the social media giant has changed its terms of service, adding a new section emphasizing its lack of support for any businesses affiliated with the digital assets industry.

　　According to the revised guidelines, any account that “involves the issue, transaction, and financing of virtual currency, such as providing transaction entry, guidance, and issuance channel guidance,” among other things, would be suspended.

　　Accounts that facilitate “transaction and exchange business between virtual currency and real currency, virtual currency and virtual currency; provide information intermediary and pricing services for virtual currency transactions; token issuance financing and virtual currency derivatives trading, and; provide services or content related to the secondary transaction of digital collections” are among those targeted.

　　While immediate account suspension is one of the sanctions the platform will impose, it also stated that depending on the severity of the infractions, it can potentially ban any user deemed to be guilty.

　　The Chinese government's crackdown on Bitcoin and the broader cryptocurrency ecosystem is not a new phenomenon. In fact, the world's most populous country has been able to rein in the operations of miners operating on its coasts because to a thorough prohibition enacted last year.

　　There has also been an increase in requests to ban NFTs, which regulators believe can be used to launder money. WeChat's move may indicate a partial alignment with regulators, as Beijing has been particularly harsh on the country's internet titans.

　　While emotions toward digital currencies have largely subsided in China, with the majority of major exchanges ceasing shop in the nation, WeChat's crackdown on NFTs will further dampen expectations of China regaining its position as the world leader in everything relating to digital assets.

　　As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

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