WeChat freezes several blockchain websites in China overnight

Several cryptocurrency news outlets in China have had their WeChat accounts frozen, reportedly because they were spreading too much hype.

The news was picked up first by local media outlet Lanjinger (via The Next Web), who reported that at least eight publications with a focus on cryptocurrency have been given an indefinite ban.

WeChat is a leading social media and messenger platform in China, and the official statement from operator Tencent states that the suspended accounts violate the country’s law by publishing trading information and adding to the hype around initial coin offerings. It has, therefore, been asked to hand out the ban.

The sites were “suspected of publishing information related to ICOs and speculations on cryptocurrency trading,” it said.

Last month, China’s stance on crypto and ICOs seemed to be positive, despite calls for better regulation around the technology.

One research paper calling for more control said: “Currently, any capital transaction that related to distributed ledger accounts, blockchain, cryptocurrency and its derivatives, ICPs and exchange operations should all be regarded as financial services. Therefore they must be put under relevant financial regulatory frameworks so that they can operated legally with a license.”

Similarly, back in May the Chinese president Xi Jinping called blockchain a “breakthrough” with potential to revolutionise the global economy.

“Ever since the start of the 21st century, a new generation of industrial revolution is substantially reshaping the global economic structure… with artificial intelligence, internet of things, and blockchain constantly making application breakthroughs.