Chinese internet giant WeChat cracks down on NFT platforms By BTC Peers

0

Chinese internet giant WeChat cracks down on NFT platforms

Although the Chinese government has remained relatively silent on its stance on NFTs, social media giants are beginning to block accounts from NFT platforms, fearing government crackdowns.

WeChat has deleted accounts from several digital collection platforms for allegedly violating illegal trading policy. Meanwhile, the Tencent-owned NFT platform and Ant Group have updated their user agreements.

One of the NFT platforms affected by WeChat’s recent crackdown is Xihu No.1, a high-profile NFT project in the region. Local reports also claim that Dongyiyuandian’s official app has been banned.

As for Ant Group, its WhaleTalk NFT platform has updated its policy to increase the penalty for using an over-the-counter (OTC) desk to trade digital collectibles. An excerpt from the report translated by Google said:

In the context where the compliance of digital collections is unclear, many platforms have begun to actively crack down on violations to prevent further fermentation of related behavior.

It should be mentioned that NFTs are not explicitly banned in China. However, any form of speculative trading associated with NFTs is prohibited.

Amid regulatory uncertainty, several Chinese companies have jumped on the NFT bandwagon. Last week, Chinese social media giant Weibo (NASDAQ:) announced the launch of its NFT marketplace, TopHolder. And in October, McDonald’s (NYSE:) launched a set of 188 NFTs to celebrate its 31st anniversary in the Chinese market.

Continue Reading on BTC Peers

Warning: Merged media would like to remind you that the data contained in this site is not necessarily in real time or exact. All prices for CFDs (stocks, indices, futures) and Forex are not provided by exchanges but rather by market makers, and therefore prices may not be accurate and may differ from the actual market price, which which means that the prices are indicative and not suitable for commercial purposes. Therefore, Fusion Media assumes no responsibility for any business losses you may incur due to the use of this data.

Merged media or anyone involved with Fusion Media will accept no liability for any loss or damage resulting from reliance on the information, including data, quotes, charts and buy/sell signals contained in this website . Please be fully informed of the risks and costs associated with trading in the financial markets, it is one of the riskiest forms of investment possible.

Share.

Comments are closed.