China-based social media and payment app WeChat has reportedly updated its payment policy, which now states that those who engage in crypto trading will have their accounts terminated on the platform. According to CoinDesk, the policy was updated on April 30th and indicated that merchants using its services will not either directly or indirectly be involved with initial coin offering (ICO) activities or any operating virtual currency trading.
“It is also not allowed to conduct illegal management of asset management business through the Internet and bulk commodity trading sites that have not obtained provincial government approvals without the approval of the regulatory authorities. Otherwise, [WeChat] will have the right to terminate payment settlement services.”
While the policy, which will take place on May 31st, will terminate anyone who violates the new rules, the media outlet reported that the policy update did not call crypto-related actives as “illegal transactions.”