Tencent's WeChat bans dozens of NFT marketplaces

Asian Tech Press (Mar. 31) -- Tencent's flagship app WeChat has banned more than a dozen public accounts and mini-programs related to NFT marketplaces.

However, these are all small and medium-sized digital collection platforms, while leading NFT platforms such as the "Huanhe" app, owned by Tencent, were not affected.

Most of the platforms were banned for "not obtaining legal permits or licenses to publish, disseminate or engage in related business activities", and some were banned for suspected fraud.

WeChat responded that the move was a standardized rectification of public accounts and applets that speculate and sell digital collectibles twice, in accordance with relevant Chinese laws and regulations.

It is said that to open a public account that displays digital collections and offers primary trading services in WeChat, enterprises or individuals need to provide proof of cooperation with a blockchain company that has been recognized by China's State Internet Information Office (SIIO) for the record as a credential.

The WeChat mini-program currently only supports the display of digital collections and first-hand gifting, and trading and multi-level flow of digital collections are not available. If there is any violation, WeChat will block or take down the platform according to the level of breach.

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