Tencent’s WeChat which has over 1.2 billion users began to block NFT accounts in large numbers. As per reports, this move has come in accordance with the Chinese government’s regulations. WeChat made its decision to prohibit the accounts in order to prevent the risk of virtual currency trading speculation.
NFT accounts need to be approved by Chineses Govt
Recently, the multipurpose app standardized and rectified public accounts and small programs that creates hype in order to sell digital assets in secondary transactions. According to a report, WeChat has said that they are detecting the behavior of NFT digital transactions and not the digital collections. More than ten small and medium sized NFT platforms have been affected till now.
The banned public accounts are now required to provide a certificate of cooperation with a blockchain company that has been registered and approved by the Cyberspace Administration of China. However, there are some accounts that have been banned over fraud suspicions.
As per a report, public accounts including Art Meta Yuanyishu, Yidianshuzang, One Meta, Earth Zero, Guizang Metaverse, Huasheng Meta, Yuanben Space, Shenda Shuzang, iBox, and Nuofangti have been banned. Meanwhile, Head platforms on the app such as Tencent Magic Core have not been affected.
Download our Android app, never to miss the latest news
Want to receive the latest stock and cryptocurrency news and investing ideas that can help you make money ?! Subscribe to our newsletter. Enter your email below and hit the subscribe button.
If you want professional consultation regarding stock or cryptocurrency investing leave your information below and experts from our trusted partners will reach out to you