Tencent’s WeChat Suddenly Bans Crypto Media Accounts
WeChat has banned blockchain and cryptocurrency-related media accounts operated within China.
The report first surfaced in the Lanjiner, a local news outlet that focuses on financial reporting. It stated that some of the blocked accounts included one backed by Node Capital called Jinse.
Another high profile account belonged to Deepchain, which has the support of several ICO funds.
Others on the banned list are:
- Huobi News;
- Golden Finance;
- Firecoin Information;
- Cannon Rating;
- Coin World Express Service;
- Daily Currency Reading;
- TokenClub; and
- Wujie Block Chain.
Jinse was among the first to acknowledge that their official Wechat account had been blocked. The site does not display any of its previous articles. Rather, it has a message that tells visitors about the ban.
Part of the terse message reads:
“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.”
Several of the other accounts display similar messages, a clear indication that the overnight sweep wasn’t a joke at all.
Some of the blocked accounts are also listed among the top 50 most influential blockchain and crypto news sites in China.
The reasons behind the ban are not in the public domain at the moment.
However, Tencent, which owns Wechat, may have taken the drastic step because the affected accounts published information about initial coin offerings (ICOs) as well as hyped cryptocurrency trading.
Such information violates recent laws enacted by the Chinese authorities. The Cyberspace Administration of China enacted the rules under the Interim Provisions on the Development of Public Information Services for Instant Messaging Tools.
The government agency announced the rules on August 7.
One of the rules requires users to adhere to laid down laws and regulations, failure to which n account can be closed. It states that:
“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”
The provider is also required to save all the relevant information about a violation, for which they are obligated to report.
Earlier in March, state-run media publication, the People’s Daily published a paper titled The Bubble has burst. The paper criticized crypto-focused media publications within the country for what it called aiding in the manipulation of the cryptocurrency market.
It also called out Golden Finance and Coin World as two of the top sites that published misleading information aimed at influencing the market.
The founder of Golden Finance, who is also the CEO of Huobi, Du Jun was singled out as one of those responsible for manipulation of the crypto ecosystem via his media.