WeChat Blocks Cryptocurrency Related Accounts

Nishanth Shetty

August 22, 2018 12:38 pm

Cryptocurrency News

WeChat Blocks Cryptocurrency Related Accounts | Coindelite News
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According to the reports, China’s biggest social media platform WeChat has blocked crypto related accounts. WeChat officials stated that some public accounts were blocked as they were promoting ICOs and Crypto trading. The company further commented that the official orders are being made to block such accounts permanently.

On August 7, Cyberspace Administration of China announced a report entitledInterim Provisions on the Development Management of Public Information Services for Instant Messaging Tools.

The reports further described that Deepchain, Node Capital-backed Jinse, and CoinDaily are being affected by the ban. CoinDaily claimed that by June 2018 it had around 100,000 users on its official WeChat channel. The number of blocked accounts remains unconfirmed.

Famous With Crypto Communities

WeChat hosts multiple cryptocurrencies and blockchain-related chat groups. The social media platform also allows its users to link their bank account and send and receive money from one another.

Some reports say that WeChat has banned eight sites:

Notably, China had previously banned cryptocurrencies in September 2017. In the meantime, the country also banned Initial Coin Offerings (ICOs). Due to the regulatory concerns, various top cryptocurrency trading platforms moved their operations abroad. Huobi moved its headquarters from Beijing to Singapore last October.

Facebook also announced the ban on advertisements which promote cryptocurrencies and ICOs.

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