WeChat bans cryptocurrency transactions in its payment channels

Chinese social-media and payments app WeChat has updated its payment policy, stating that users who engage in crypto trading will have their accounts terminated.

The policy revision states that "merchants may not engage in illegal transactions such as virtual currency [trading]" or token issuing, alongside other banned payment outlets like pornography or online gambling. The new rule comes into effect at the end of the month, on May 31.

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