Tencent's WeChat Suspends NFT Accounts To Appease Chinese Regulators

Tencent Holdings Ltd's TCEHY WeChat messaging app suspended some non-fungible token accounts to comply with China's regulatory bindings, CNBC reports.
Tencent also rectified the public accounts on WeChat to prevent speculation risks in digital currency transactions.
WeChat clarified that the official accounts verified by Tencent can display digital collectibles but cannot offer secondary sales.
Also Read: After Alibaba, Tencent Could Attract Regulatory Penalty, Tencent Caught In Regulatory Turmoil Like Jack Ma's Ant Group
The accounts would have to provide a certificate to show they are registered and approved by China's cyberspace regulator.
Tencent said WeChat mini-programs could only display NFTs.
NFTs are based on a blockchain platform, mainly Ethereum, with people paying for the tokens in cryptocurrencies.
However, people pay China's NFTs with the Chinese yuan.
China's NFTs are built on other blockchains that the regulators oversee. China has also restricted the secondary trading of NFTs.
Price Action: TCEHY shares traded lower by 3.28% at $46.75 on the last check Thursday.