News: Chinese social media giant WeChat to block users trading cryptos from May end

By Staff Writer

China’s WeChat said that they will be banning cryptocurrency trading from May 31st in a move widely seen as being implemented under the pressure from the Chinese government.

In a statement issued on Tuesday or May 7, WeChat said that users trading cryptocurrencies based on blockchain will have their accounts deleted.

It is part of the revision of the firm’s payment policy which stated that “merchants may not engage in illegal transactions such as virtual currency [trading or token issuing].”

Chinese government has imposed an official ban on trading cryptocurrencies, including ordering the closure of cryptocurrency exchanges in China.

It was suspected that much of the over-the-counter trading of cryptocurrencies such as Bitcoin has since moved to other venues, including popular social messaging and payment network WeChat.



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