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Breaking: WeChat Bans NFT Accounts


coingape.com 30 March 2022 11:45, UTC
Reading time: ~2 m

Tencent’s WeChat which has over 1.2 billion users began to block NFT accounts in large numbers. As per reports, this move has come in accordance with the Chinese government’s regulations. WeChat made its decision to prohibit the accounts in order to prevent the risk of virtual currency trading speculation.

Recently, the multipurpose app standardized and rectified public accounts and small programs that creates hype in order to sell digital assets in secondary transactions. According to a report, WeChat has said that they are detecting the behavior of NFT digital transactions and not the digital collections. More than ten small and medium sized NFT platforms have been affected till now.

The banned public accounts are required to provide a certificate of cooperation with a blockchain company that has been registered and approved by the Cyberspace Administration of China. However, there are some accounts that have been banned over fraud suspicions.

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