Wechat Reportedly Suspends Accounts Linked to NFTs

Wechat Reportedly Suspends Accounts Linked to NFTs – Wechat, a Chinese messaging platform, recently announced that it had terminated certain accounts tied to non-fungible tokens.

According to a BBC report, the suspension of the accounts is intended to prevent such blacklisted accounts from engaging in NFT market promotional activities that will help to drive up prices.

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Wechat’s targeting of NFT-promoting accounts appears to indicate that China, which currently lacks clear legislation against NFTs, is broadening its digital asset crackdown, which began in 2021.

According to different sources, Chinese authorities have already been cracking down on cryptocurrency trading companies and bitcoin miners since mid-2021.

Some crypto miners and platforms are thought to have fled mainland China as a result of the crackdown.

While it’s unclear whether the crackdown has completely stopped Chinese citizens from trading or mining cryptocurrencies, a BBC report claims that Chinese officials are ready to add NFTs to the list of prohibited activities.

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Also Read: Tracker Shows Close to 3000 Crypto ATMs Were Installed in 2022’s First Quarter

The same report continued to explain why, citing the following Wechat team update:

“Wechat has lately standardized and corrected public accounts and small programs for digital collection speculation and secondary sales.”

Wechat went on to say that the actions taken against the now-corrected accounts were done in accordance with the applicable national rules.

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