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WeChat Announces Ban on Crypto Payments

May 08, 2019 13:06
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Chinese messaging app, WeChat has announced that it will impose a blanket ban on cryptocurrency related payments by the end of May.

The updated payment policy said, “You may not engage in Internet gambling, pornographic platforms, Internet sales lottery platforms, illegal foreign exchange, precious metals investment trading platforms, illegal securities and futures trading platforms, token issuing financing and virtual currency trading platforms directly or in disguise. It is also not allowed to conduct illegal management of asset management business through the Internet and bulk commodity trading sites that have not obtained provincial government approvals without the approval of the regulatory authorities. Otherwise, Tenpay will have the right to terminate payment settlement services.”

This update comes as a surprise, because last August, it was announced that the messaging app and Ant Financial Services (Alipay) were coming together to ban cryptocurrency-related payments on their platforms.

In a statement published shortly after China’s announcement of ban on foreign crypto exchanges Tencent had said that it would prohibit all transactions related to cryptocurrencies on its platform. Moreover, it it would also conduct real-time monitoring of all transactions and risk assessment on regular basis to flag any suspicious transactions, which was earlier reported by Crypto-News India.

At the time, Alipay had said, “Alipay has always adhered to the principle of not providing services to virtual currency transactions. We will continue to closely monitor over-the-counter trading activities on a daily basis. Once we find any suspicious crypto-related transactions, we will take appropriate measures immediately, including but not limited to: suspension of fund transfer functionality of any Alipay accounts used by companies for crypto-related transactions.”

Apart from that, WeChat had also banned crypto and blockchain related media accounts from its service without any warning or explanation, sometime last year.

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