WeChat bans cryptocurrency transactions on its platform

Leading Chinese social media platform WeChat has updated the terms of its payment policy and banned cryptocurrency trading on its platform. The new policy states that user accounts found engaging in cryptocurrency trading will be terminated. These new rules will take effect on May 31st.

WeChat is a leading platform for OTC transactions and has been one of the prominent channels for trading after cryptocurrency exchanges shut shop in China. These new rules may cripple crypto trading in the country even further.

China has completely banned cryptocurrencies, and WeChat’s new policy terms may be a result of the government’s hardline stance. WeChat has also previously banned payments for pornography and gambling.

Last year, even Alibaba and Tencent had banned cryptocurrency transactions on their trading platforms. China had also shut down WeChat accounts of prominent crypto media platforms in the country. Last month, there were also reports that China is planning to ban cryptocurrency mining soon.

(Image Credit: Flickr)

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