WeChat is the top social media platform in China,

And they just updated its policies to ban accounts that provide access to crypto or NFT-related services.

The policy also covers secondary NFT trading as the firm notes that

It is for related content or accounts that provide the service

Moreover, for those who be the secondary transaction of digital collections

Under the new guidelines, accounts involved with the issuance, trading, and financing of crypto and NFTs

Will either restricted or banned and will fall under the “illegal business” category.

The policy also covers secondary NFT trading,

With the firm noting that;

“accounts that provide services or content related to the secondary transaction of digital collections shall also be dealt with in accordance with this article.”

In terms of punishments, the new policy states that when there is a violation detect

The WeChat as the public platform will receive the appropriate punishment as the country regulation

There are two possibilities through the account

Either WeChat  rectify within a time limit and restrict some functions of the account

Or the account will permanent banned

The Chinese government rolled out a phased ban on the local crypto sector

Since May and September last year.

However, when the government give the timing as how we see in the policy

It means, few times ago the activities are running well in the WeChat.

According to Cointelegraph, a local media report from June 16 highlighted data showing the number of digital collectible platforms in China

They grown to over 500, a 5X increase since February 2022.