WeChat Plans to Stop Merchants From Transacting in Cryptocurrencies
- Limit the collection limitation of the illegal stage accounts and prohibit it from cryptocurrency transactions on WeChat.
- Restrict the amount of individual vendors’ accounts, just allowing daily use of social activities. Trades associated with cryptocurrency’s collection is restricted. Currently, all cryptocurrency transactions under merchant titles have been resolved.
- Conduct real-time tracking of daily transactions and risk severity evaluation of transactions based on monitoring results. This could result in taking direct interception measures for illegal transactions.
This article was originally written by Vincent He for 8btc.
Alipay stated that it will take measures such as limiting account group services or permanently limiting withdrawals for private account of digital currency transactions, if there’s adequate evidence of wrongdoing. Alipay closed down about 3,000 accounts that were included in cryptocurrency transactions and investigated.
At that moment, Tencent created a targeted hazard control model to recognize cryptocurrency transfers and trades, and it required corresponding measures .
WeChat, the #1 messaging app in China, is also widely used for cryptocurrency transactions. Recently, WeChat Payment has revised the”WeChat Agreement for Payment support,” which includes the control and regulation of illegal transactions, including cryptocurrency transactions. The revised agreement will be placed into effect on May 31, 2019.
Early in August 2018, Tencent issued a statement regarding its measures to address concerns over cryptocurrencies and ICOs. Tencent said that it had taken the following measures in response to offenses Concerning payment channels:
Besides WeChat, Alipay, has generated an oversight method for accounts and websites and another leading payment system, is closely tracking all transactions between cryptocurrency transactions.
According to the initial, second and third terms and conditions of the agreement, direct or disguised engagement in internet gaming, micro platforms, net lottery revenue platforms, illegal foreign markets, precious metal investment trading platforms, illegal securities and securities trading platforms, token issuance financing and cryptocurrency trading platforms are not permitted on WeChat; asset management business on the internet without the approval of the regulatory authorities is not permitted, in addition to illegal transactions such as commodity trading websites, without the endorsement of the provincial authorities; and Tenpaythe payment system of WeChat, shall be able to stop the payment and settlement services.