NFTREGULATION

WeChat updates policy to block accounts related to cryptocurrency and NFT based on the severity of violations

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WeChat updates policy to block accounts related to cryptocurrency and NFT based on the severity of violations

The Chinese social platform "WeChat" has updated its platform policies, explicitly prohibiting the dissemination of information related to cryptocurrency, digital collectibles like NFTs, and trading in the secondary market. However, a large amount of related content and public accounts can still be found on the platform.

Cryptocurrency, NFT Trading Behavior

According to the WeChat Platform Policy 3.24 "Virtual Currency and Digital Collectible Trading Behavior," the platform will prohibit activities related to cryptocurrency issuance, financing, trading, as well as information on the secondary market of digital collectibles.

In case of violations, the platform will restrict certain functions of public accounts or permanently block them depending on the severity.

Correction to Last Year's Ban?

The policy update by the WeChat platform seems more like an attempt to align with the comprehensive ban on virtual currency trading announced by the People's Bank of China in September last year, which affected exchanges such as Binance, Huobi, and the predecessor of OKEx, OKEx, leading to a significant market decline due to a series of previous mining bans.

However, when searching for related content on the WeChat platform, information on mainstream secondary market platforms such as OpenSea and LooksRare is still readily available, making it uncertain what impact the policy update will have.

NFT data platform NFTGo mentioned that articles published on the WeChat platform may need to be cautious with sensitive wording to avoid account suspension.

By the end of April this year, the Chinese video platform Bilibili authorized Crypto Natty to issue Ethereum PFP NFT "Cheers UP" for overseas users through the minting membership platform "Premint," allowing transactions of this NFT series on OpenSea.

From this perspective alone, the two major social platforms, Bilibili and WeChat, seem to lack consistency in their related policies.