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After the widely publicized crackdown by the Chinese government on anything that has to do with cryptocurrency, one of China’s most popular instant messaging WeChat with more than 1.1 billion daily active users in China, has updated its rules: WeChat public accounts which involved in the issuance, trading and financing of crypto and NFTs will China Crackdowns And Crypto Activities. China pushed mining activities away from its shores but continued researching more on CBDCs. But now, the recent update on WeChat ToS has On Aug. 22, Cointelegraph reportedthat WeChat, China’s biggest messaging app that has over 1 billion active monthly users, banned the accounts of cryptocurrency investors, users and businesses. At the time, Lanjinger, a local financial media outlet, reportedthat the accounts of Deepchain, Huobi News, Node Ver más China’s top cybersecurity watchdog, in coordination with financial regulators, has shut down over a dozen social media accounts for spreading false financial information, illegally touting WeChat, one of the biggest messaging platforms in China - boasting of more than 1.1 billion daily users - has reportedly reviewed its policies on usage. This policy review

China's WeChat Demands a Ban on These Crypto and Financial Activities

After the widely publicized crackdown by the Chinese government on anything that has to do with cryptocurrency, one of China’s most popular instant messaging apps, WeChat, with more than 1.1 billion daily active users in China, has updated its rules. WeChat public accounts involved in the issuance, trading, and financing of crypto and NFTs will face bans. This marks a significant escalation in China's stance against digital assets.

WeChat's Updated Terms of Service: Targeting Crypto Activities

The recent update on WeChat ToS has On Aug. 22, Cointelegraph reported that WeChat, China’s biggest messaging app with over 1 billion active monthly users, banned the accounts of cryptocurrency investors, users, and businesses. This action underscores the government's intent to tightly control financial information and access within the country.

China Crackdowns and Crypto Activities: A History

China has a history of cracking down on cryptocurrency. China pushed mining activities away from its shores but continued researching more on CBDCs (Central Bank Digital Currencies). This move towards a state-controlled digital currency contrasts sharply with the decentralized nature of cryptocurrencies like Bitcoin and Ethereum.

Cybersecurity Watchdog Shuts Down Financial Social Media Accounts

China’s top cybersecurity watchdog, in coordination with financial regulators, has shut down over a dozen social media accounts for spreading false financial information, illegally touting. This initiative further demonstrates the government's commitment to maintaining financial stability and combating misinformation online.

WeChat's Policy Review and its Impact

WeChat, one of the biggest messaging platforms in China - boasting of more than 1.1 billion daily users - has reportedly reviewed its policies on usage. This policy review highlights the platform's responsiveness to regulatory pressures and its active role in enforcing government directives concerning financial activities.

At the time of the August ban, Lanjinger, a local financial media outlet, reported that the accounts of Deepchain, Huobi News, and Node Ver más were targeted. The crackdown on these accounts showcases the breadth of the restrictions, affecting not only individual users but also prominent news and information sources related to the cryptocurrency and NFT space.

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