The huge Chinese instant messenger service WeChat has been clamping down on selected crypto accounts…
by Manoj Sharma for CNR
China continues to tighten the loophole with regards to where its citizens can access cryptocurrencies and any information pertinent to their mining or trading.
In mid-August, the Chinese government through the CAC (Cyberspace administration of China) in association with Tencent – the founder of WeChat – issued a statement on the matter. This came as a result of multiple cryptocurrency-related activities and accounts on WeChat. Activities in some instances that were counter to the government order to ban all ICO activities and trading in China, that in turn might harm the financial well being of its citizens.
WeChat has been accused of sharing personal data of its users with authorities as part of the agreement the enterprise has to abide by.
Users have spotted that WeChat has updated its privacy notice, to now read that “we share your information with selected recipients who have a legal basis and valid jurisdiction to request such data. These categories of recipients include: government, public, regulatory, judicial and law enforcement bodies or authorities: where we are required to comply with applicable laws or regulation, a court order, subpoena or another legal process, or otherwise have a legal basis to respond to a request for data from such bodies, and the requesting entity has valid jurisdiction to obtain your personal information“.
It’s not too hard to read between the lines there. And it’s against this change that WeChat has censored the accounts belonging to Bitmain, a Bitcoin mining giant. In addition to Bitmain, WeChat has blocked three other accounts related to crypto activities.