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


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.

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