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

by Mike Robinson

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WeChat is stepping down as the Chinese internet giant

While the Chinese government remains relatively silent about its position on NFTs but social media platforms are now blocking accounts from NFT platforms out of fear that government crackdowns might occur,

WeChat removed several accounts from digital collectible platforms due to alleged violations of the policy on illegal trade. Ant Group, a Tencent-owned NFT platform, and Ant have also updated their User Agreements.

One of the NFT platforms hit by WeChat’s recent clampdown is Xihu No.1, a hyped NFT project in the region. According to local reports, the official Dongyiyuandian app has also been removed.

Ant Group updated their policy on its WhaleTalk NFT platform to raise the penalty when it uses an OTC desk for trading digital collectibles. The following excerpt was taken from the Google Translated report:

Given the uncertainty surrounding digital collection compliance, platforms have taken active steps to crack down on violators to avoid further fermentation.

NFTs are not banned explicitly in China. NFTs are not explicitly banned in China, but any form associated with speculative trading is prohibited.

Numerous Chinese companies joined the NFT wagon despite regulatory uncertainty. Chinese social media company Weibo (NASDAQ) last week announced TopHolder, its new NFT marketplace. McDonald’s (NYSE) also launched a number of NFTs last October in celebration of its 31st birthday in China.

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