News coming out of Asia is reporting that the messenger platform, WeChat, has banned the Chinese cryptocurrency media on their network. The news is that that the Chinese chat giants have banned cryptocurrency media accounts due to complaints from users.
The relationship between crypto and China is dysfunctional at best, regularly sending out mixed signals such as the Chinese government calling crypto “the second era of the internet” in May after adopting a blanket ban on ICO projects in September 2017. This new development regarding WeChat banning cryptocurrency media in China has been a surprising move.
Awaiting official statement on Chinese cryptocurrency media ban
The Chinese-based news outlet, Lanjiner, were the first ones to pick up on the news that WeChat might have possibly banned Chinese cryptocurrency media accounts across their platform. News that the Chinese multi-purpose messenger app, owned by Tencent, has made the move to ban crypto media accounts has been reported by crypto media companies such as Node Capital and Deepchain, alongside more token funds.
The speculation has arisen from a post on the WeChat account of the Chinese cryptocurrency news and information site, Jinse, whose previous articles are not being shown at the time of writing. A message on Jinse’s WeChat profile has stated:
“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.”
This same message is also being shown on the WeChat accounts of other Chinese cryptocurrency media outlets such as Huobi News, Deepchain, and CoinDaily.
New Chinese laws might be the key factor
Speculation reading the ban on crypto media accounts is rife, but official news from the messaging service is still sketchy with the supposedly banned accounts not quite sure what has happened at this point. Many are assuming that recent changes in Chinese law might have played a factor in the bans, but that is just guesswork at this time.
On August 7, a set of new rules were enacted by the Cyberspace Administration of China that were coined the “Temporary Regulations on the Development and Management of Public Information Services for Instant Messaging Tools.” One of the rules that may have caused the WeChat ban on Chinese cryptocurrency media accounts across their platform is related to messenger tools having to abide by certain conditions. A section of the new laws stated that:
“The users of instant messaging tools serving in public information service activities shall abide by relevant laws and regulations. For instant messaging service users who violate the agreement, the instant messaging service provider shall take measures such as warning, restriction, suspension, and closure until the account is closed, meanwhile saving the relevant records and fulfilling the obligation to report to the relevant authority.”
Although WeChat has been silent on the banning of Chinese cryptocurrency media accounts on their messenger app at this point, it seems that the ongoing battle for cryptocurrency companies in China against the system is still alive and kicking and will not stop anytime soon.
I am very experienced writer/blogger who has been an active member of the cryptocurrency community for several years. I have experience writing for crypto news sites and proactively been involved in the startup of other ICO and crypto ventures over the course of the past four years.