WeChat Blocks Crypto-Related Accounts, Suspends Huobi News, Coindaily
- WeChat’s mobile payment service has been one of the largest access channels to cryptocurrency exchanges.
WeChat, China’s dominant social messaging app, is seemingly taking further steps in China's fight against cryptocurrency. Following an alleged violation of its rules, the “WhatsApp of China” has reportedly suspended accounts held by a handful of cryptocurrency, blockchain-related websites, according to a report by local financial news outlet Lanjinger.
In one example, the official accounts of Huobi News and Coindaily on Tencent’s WeChat were blocked, while links to all previous content are now merely showing a notification that reads:
"Due to users' complaints and after the platform's examinations, the account is found to violate 'Temporary Regulations on the Development and Management of Public Information Services for Instant Messaging Tools' and all contents have been banned. The account has been prohibited for use."
As noted, WeChat is citing "Temporary Regulations on the Development and Management of Public Information Services for Instant Messaging Tools" which were introduced by China’s powerful Internet regulator, the Cyberspace Administration of China (CAC), earlier this month.
While there are no figures on how many accounts have faced the same situation, at least eight such groups were reportedly blocked.
Migrating to Other Services
This could be only the beginning of a lengthy crackdown designed to give WeChat more power to police not only the cryptocurrency content that is being posted to its platform, but also projects and people who are posting it. WeChat is seemingly following the lead of its parent company Tencent, which in January banned all payment and advertising services for cryptocurrency trading and ICO-related activities.
Interestingly, WeChat’s mobile payment service, which is used by millions of users in China, has been one of the largest access channels to cryptocurrency exchanges. Despite the wider ban by Chinese authorities, the app includes discussion groups for Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term and ICOs.
The crackdown, however, could send cryptocurrency devotees migrating to Telegram and other encrypted services beyond the Chinese government’s reach. Although banned in China, users can access the service through virtual private networks (VPNs), which allows their activities to stay a bit out of the grasp of the country's authorities.
WeChat, China’s dominant social messaging app, is seemingly taking further steps in China's fight against cryptocurrency. Following an alleged violation of its rules, the “WhatsApp of China” has reportedly suspended accounts held by a handful of cryptocurrency, blockchain-related websites, according to a report by local financial news outlet Lanjinger.
In one example, the official accounts of Huobi News and Coindaily on Tencent’s WeChat were blocked, while links to all previous content are now merely showing a notification that reads:
"Due to users' complaints and after the platform's examinations, the account is found to violate 'Temporary Regulations on the Development and Management of Public Information Services for Instant Messaging Tools' and all contents have been banned. The account has been prohibited for use."
As noted, WeChat is citing "Temporary Regulations on the Development and Management of Public Information Services for Instant Messaging Tools" which were introduced by China’s powerful Internet regulator, the Cyberspace Administration of China (CAC), earlier this month.
While there are no figures on how many accounts have faced the same situation, at least eight such groups were reportedly blocked.
Migrating to Other Services
This could be only the beginning of a lengthy crackdown designed to give WeChat more power to police not only the cryptocurrency content that is being posted to its platform, but also projects and people who are posting it. WeChat is seemingly following the lead of its parent company Tencent, which in January banned all payment and advertising services for cryptocurrency trading and ICO-related activities.
Interestingly, WeChat’s mobile payment service, which is used by millions of users in China, has been one of the largest access channels to cryptocurrency exchanges. Despite the wider ban by Chinese authorities, the app includes discussion groups for Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term and ICOs.
The crackdown, however, could send cryptocurrency devotees migrating to Telegram and other encrypted services beyond the Chinese government’s reach. Although banned in China, users can access the service through virtual private networks (VPNs), which allows their activities to stay a bit out of the grasp of the country's authorities.