China’s leading social media platform WeChat has blocked more than a dozen accounts belonging to NFT markets from its platform, citing the prevention of “crypto speculation”.
To people using the application with NFT accounts, WeChat sent the following message;
“You do not have the legal permission or license to post, disseminate or engage in such work.”
WeChat said Wednesday that it will only allow “compliant companies” to use the social media platform to run NFT-related apps and create official company accounts.
Companies must be registered with the China Cyberspace Administration to be listed as a compliant company in this regard, and their respective NFT marketplaces must not allow resales.
NFTs continue to grow in popularity in China, and investors are using resale markets to speculate on assets, despite government warnings against such activity.
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