WeChat bans cryptocurrency transactions

posted 5 months ago
Chinese social-media and payments app WeChat banned cryptocurrency transacations, and their new policy states that users who engage in crypto trading will have their accounts terminated. The policy revision states that "merchants may not engage in illegal transactions such as virtual currency [trading]" or token issuing, alongside other banned payment outlets like pornography or online gambling. The new rule comes into effect on May 31st.

China has strident rules when it comes to cryptocurrency, with exchanges banned from offering services in the country, meaning WeChat may have succumbed to government pressure. Binance CEO Changpeng "CZ" Zhao said that it was "probably not [WeChat's] own choice… This is a classic example of short term pain, long term gain. It is inconvenient for people short term, and they take a hit. But long term, it is precisely this type of restriction of freedom that will push people to use crypto. Not a bad thing.”
Tags: bitcoin, news