WeChat is an app in that is a multi-purposing in messaging, social media and mobile payment app developed by Tencent.
Essentially, the app is the Chinese equivalent of WhatsApp and it has recently updated its terms of service to ban merchants from fundraising by using or Last month, WeChat has subtly revised its policy which will take place on 31st May. merchants violating the update will have their accounts terminated, which you can see below.
Urgh, Wechat just updated its payment policy .. merchant can’t serve any issuance/fund raising or crypto activities, otherwise account will be terminated
Given most OTC transactions are happening in wechat, this may impact local liquidity to quite some extent
— Dovey Wan 🗝 🦖 (@DoveyWan)
Of course, if you can’t read traditional Chinese, then a roughly translated version says that it states that users must not “engage in issuing financing and virtual currency platforms directly or in disguise.” The update will also forbid users from investing in precious metals through platforms as well as illegal securities and futures.
Tencent
The apps parent company, Tencent has been hit by ’s stringent laws over the past year. In fact, in 2018 we actually saw WeChat ban at least eight media outlets for violating Chinese law by publishing virtual currency information and boosting up some initial coin offerings. Tencent banned crypto on WeChat too and it started to monitor accounts to block any related activity in real-time.
CryptoDaily
WeChat is the largest social network in , giving over 1 billion users per month, access to messaging, social media and mobile payments. This also includes access to local and international , as well as access to the important crypto headlines that you’re always on the lookout for! Since December 2018, CryptoDaily can now proudly announce, our integration with the biggest social network in , as we are now live on WeChat!
Published at Sun, 12 May 2019 12:02:28 +0000
