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


Chinese internet giant WeChat clamp down on NFT platforms

Although the Chinese government has remained relatively quiet over its stance on NFTs, social media giants are beginning to block the accounts of NFT platforms, fearing government crackdown.

WeChat has removed the accounts of several digital collectible platforms for allegedly violating the policy of illegal trade. Meanwhile, Tencent-owned NFT platform and Ant Group have 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. Local reports also claim that the official app of Dongyiyuandian has been banned.

As for Ant Group, its WhaleTalk NFT platform updated its policy to increase the penalty for using an over-the-counter (OTC) desk for trading digital collectibles. An excerpt from the Google-translated report read:

Under the background that the compliance of digital collections is not clear, many platforms have begun to actively crackdown on violations to prevent further fermentation of related behaviors.

It is worth mentioning that NFTs are not explicitly banned in China. However, any form of speculative trading associated with NFTs is prohibited.

Amid the regulatory uncertainty, several Chinese companies have jumped on the NFT bandwagon. Last week, Chinese social media giant Weibo (NASDAQ:) announced the launch of its NFT marketplace, TopHolder. And in October, McDonald’s (NYSE:) launched a set of 188 NFTs to celebrate its 31st anniversary in the Chinese market.

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Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



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Chinese internet giant WeChat clamp down on NFT platforms

Although the Chinese government has remained relatively quiet over its stance on NFTs, social media giants are beginning to block the accounts of NFT platforms, fearing government crackdown.

WeChat has removed the accounts of several digital collectible platforms for allegedly violating the policy of illegal trade. Meanwhile, Tencent-owned NFT platform and Ant Group have 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. Local reports also claim that the official app of Dongyiyuandian has been banned.

As for Ant Group, its WhaleTalk NFT platform updated its policy to increase the penalty for using an over-the-counter (OTC) desk for trading digital collectibles. An excerpt from the Google-translated report read:

Under the background that the compliance of digital collections is not clear, many platforms have begun to actively crackdown on violations to prevent further fermentation of related behaviors.

It is worth mentioning that NFTs are not explicitly banned in China. However, any form of speculative trading associated with NFTs is prohibited.

Amid the regulatory uncertainty, several Chinese companies have jumped on the NFT bandwagon. Last week, Chinese social media giant Weibo (NASDAQ:) announced the launch of its NFT marketplace, TopHolder. And in October, McDonald’s (NYSE:) launched a set of 188 NFTs to celebrate its 31st anniversary in the Chinese market.

Continue reading on BTC Peers

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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