WeChat in China restricts crypto and NFT-related accounts

The company states that “accounts that supply services or material relevant to the secondary transaction of digital collections will also be addressed.”

WeChat, the most widespread social media platform in China, has amended its policy to prohibit accounts that provide accessibility to crypto or nonfungible token (NFT)-related services.

wechat-bans-crypto-and-nft-acconts-in-china

Under the new standards, accounts connected with the issue, trading, and financing of cryptocurrencies and NFTs would be limited or prohibited and classified as “illegal businesses.”

Also Read, China’s financial regulations for NFT Trading and Web3

The policy also includes secondary NFT trading, with the company adding that “accounts that offer services or material linked to the secondary transaction of digital collections must also be treated according to this article.”

The importance of the action was emphasized by Hong Kong-based crypto news writer Wu Blockchain (Colin Wu) on Monday, considering that WeChat has more than 1.1 billion regular users in China.

Regarding sanctions, the new policy reads that “after such breaches are identified, the WeChat public platform will, depending on the severity of the violations, instruct the violating official accounts to correct within a time limit and restrict certain account functions until the account is permanently banned.”

Between May and September last year, the Chinese government pushed out a gradual ban on the local cryptocurrency market. Given the timing of the most recent policy modification on WeChat, the platform may have allowed some crypto-related behaviour to go undiscovered since then.

Additionally, there is still regulatory ambiguity in the nation regarding NFTs since the assets may be acquired using fiat currency. However, organizations and platforms prohibit secondary trading from preventing possible compliance difficulties arising from the financialization of technology.

The China Banking Association, the China Internet Finance Association, and the Securities Association of China issued a joint statement in April warning the public about the “hidden hazards” associated with investing in the assets.

Since March, popular platforms like WeChat and Ant group-owned WhaleTalk have been separating themselves from the technology, deleting or banning NFT services from their networks due to a lack of legislative clarity and the fear of a Beijing crackdown.

Despite this, a Thursday local media story highlighted statistics indicating that the number of collectible digital platforms in China has increased fivefold since February 2022, reaching over 500.


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NFTHI does not recommend any kind of Investment in NFTs or NFT trading. All the strategies are merely educational references.

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