WeChat bans crypto accounts in its latest move to restrict the Initial Coin Offering (ICO) and cryptocurrency trading “hype.” Numerous online reports quote WeChat official stating that some accounts violate its interim provisions terms.
22 August, AtoZ Markets – The 1 billion-user social media giant WeChat has reportedly blocked numerous cryptocurrency and Blockchain accounts.
WeChat bans crypto accounts
According to local media sources, the Chinese platform that has been developed by Tencent has moved to block an unconfirmed number of crypto and Blockchain related accounts. The news quotes a WeChat official as stating that some of the public accounts are suspected of publishing Initial Coin Offering (ICO) and cryptocurrency trading “hype.” This reportedly violates the company’s “Interim Provisions on the Development of Public Information Services for Instant Messaging Tools” terms.
In addition, the official stated that the company has received orders to block all content and also permanently block the associated accounts. The interim provisions that WeChat official referred to rules that were only recently introduced by the Cyberspace Administration of China.
The local news also highlights that the move from WeChat has largely affected Deepchain, Huobi News, Node Capital-backed Jinse, and CoinDaily. The latter’s website claims that its official WeChat channel had more than 100,000 users standing as of June 2018. According to reports, there were several other blocked websites among the top 50 most influential Blockchain focused accounts on WeChat.
WeChat Crypto Policy
As mentioned earlier, the exact number of blocked accounts is still not clear. However, some of the users reportedly state that there were a total of 8 blocked accounts. Chinese local media outlets believe that the action by WeChat has affected more than that.
As a matter of fact, this is not the first time WeChat has blocked accounts that have the connection with cryptocurrency industry. Back in May, the platform has suspended a third-party application just a day after the launch. The application would enable WeChat users to create agreements and a unique social media ID via Blockchain.
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