China’s messaging app WeChat is trying to ban misleading crypto campaigns
Following China’s most popular instant messaging and dial-up app WeChat, which bans all cryptocurrency-related accounts in the midst of the Chinese government’s cryptocurrency crash, the messaging app is now seeking to ban any form of misleading cryptocurrency claim on its platform.
In fact, WeChat calls for a ban on the promotion of money-making, high-yield financial fraud schemes and related exaggerated descriptions and guarantees for cryptocurrencies in the name of accounts, says crypto reporter Colin Wu so on July 13th.
According to the company’s announcement of July 13, it acted “in accordance with the People’s Bank of China’s implementing measures to protect the rights and interests of financial consumers, the announcement of further regulation of financial marketing and publicity”, and other relevant regulations. ”
Among other decisions, users are no longer allowed to promote “diversion fraud projects” that do not specify the daily or annual income, nor can they advertise “high-yield wealth management fraud content” or recommend fraudulent stocks.
No misleading crypto and financial guarantees
On top of that, the company also explained that fraudulent use of new technologies, including crypto, was banned:
«In the content published by the official WeChat account, fraudulent use of other new concepts is prohibited, such as propaganda in the name of the sharing economy, the Internet of Things, virtual currency, etc. that can make you rich, and the content exaggerates description, which can easily lead to loss of users. “
The accounts are also prohibited from creating false and excessive financial “propaganda and content that is likely to cause misunderstandings by users,” such as content that “expresses or suggests future effects and benefits of financial products or services, or (…) express or imply guaranteed capital, risk-free or guaranteed income. “
Finally, the platform prohibits financial marketing in the name of the account, if that name contains keywords related to financial companies or services such as banking, insurance, funds, securities, loans and loans, public offerings and the like, unless the company can offer appropriate financial and legal qualifications.
WeChat encryption
The latest move comes after the popular messaging app previously restricted or removed all public accounts on the platform involved in the issuance, trading and financing of crypto- and non-fungible tokens (NFT).
Meanwhile, WeChat, which has more than 1.1 billion daily active users, had already banned crypto-related accounts on its platform, placing “engaging in virtual currency or digital fundraising activities” under the “Illegal Business” clause, referring to it as ” offensive content “, as Finbold reported at the end of June.
