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WeChat and Cryptos

WeChat, China’s most popular communications app, is trying to ban all kinds of misleading crypto claims on the WeChat platform, after the Chinese government banned crypto-related accounts.

Indeed, WeChat is demanding a ban on the promotion of money-making, high-yield financial fraud schemes, and related exaggerated cryptocurrency descriptions and guarantees in the accounts’ names, crypto reporter Colin Wu said on July 13.

According to the company’s announcement on July 13, it was acting “in accordance with the People’s Bank of China’s Implementation Measures for the Protection of Financial Consumers’ Rights and Interests, the Notice on Further Regulating Financial Marketing and Publicity”, and other relevant regulations.”

Among other decisions, users are no longer allowed to promote “diversion fraud projects” that don’t specify the daily or annualized income, nor can they advertise “high-yield wealth management fraudulent content,” or recommend fraudulent stocks.

No misleading crypto bets

On top of that, the company also explained the fraudulent use of new technologies, including  crypto, was forbidden:

In the content published by the WeChat official account, fraudulent use of other new concepts is prohibited, such as propaganda in the name of sharing economy, Internet of Things, virtual currency, etc. that can make you rich, and the content exaggerates the description, which may easily lead to user losses

If the account name contains words like bank, return, guaranteed interest, guaranteed earnings, shares and similar words, the user will be banned by WeChat.

WeChat And Crypto Crackdown ?

The last major crash in crypto came after WeChat stopped trading nft and commercial assets

Meanwhile, WeChat, which has more than 1.1 billion daily active users, had already banned crypto-related accounts on its platform, placing “engaging in virtual currency or digital collection business” under its “Illegal business operations” clause, referring to it as “violating content,” as Finbold reported in late June.

RELATED : KAZAKHSTAN’S PRESIDENT  SIGNS LAW AUGMENT CRYPTO MINERS TAX BURDEN

About Hama Amefiz

Amefiz is a professional blockchain, cryptocurrency and tech journalist, regular contributor to newsbsc.com who is writing analysis about the latest developments in the cryptocurrency and blockchain space.

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