Share this article
Messaging Giant WeChat Bans Merchant Users From Crypto Trading
Chinese messaging giant WeChat has updated its payments policy that will prevent merchants on the platform from engaging in crypto-related activities.
By Wolfie Zhao
Updated Sep 13, 2021, 9:09 a.m. Published May 7, 2019, 12:16 p.m.
WeChat, the dominant messaging application in China operated by technology giant Tencent, has updated its payments policy that will prevent merchants on the platform from engaging in cryptocurrency-related activities.
The messaging giant updated its Payment Service Protocol on April 30, indicating that merchants using its service shall not, among other things, "either directly or indirectly," be involved in "any initial coin offering activities or operating virtual currency trading."
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
With the new policy taking effect on May 31, WeChat will terminate its payment services for merchants that are found of violation. However, the policy update did not label crypto-related activities as "illegal transactions," a fact misinterpreted by various Chinese crypto media.
The new policy could have an impact on over-the-counter (OTC) traders in China who are using WeChat Pay as one of the options for transacting Chinese yuan. Exchanges like Huobi and OKEx both offer their platforms for OTC market makers as well as individual users to place bid and ask orders to exchange fiat to crypto, vice versa.
However, it's also important to note that the payment policy update is addressed to merchants on WeChat Pay, referring to account holders who have registered as a merchant or corporate user, as opposed to retail individuals.
That said, the policy update follows WeChat's long-time stance of banning users from using its platform to engage in crypto-related transactions.
Since August last year, WeChat and Alibaba's payment affiliate Ant Financial have both taken efforts to monitor and suspend user accounts that are suspected of being involved in crypto trading.
WeChat image via Shutterstock
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Internet Computer climbs back to $3 as short-term momentum improves
ICP pushed above the $3 level on rising activity, holding recent gains as traders reassess near-term direction.
What to know:
- ICP rose about 2.7% to roughly $3.00, reclaiming a closely watched psychological level.
- Trading activity increased during the move higher, accompanying the push through resistance near $2.95–$3.00.
- Price has since stabilized just above $3, keeping attention on whether the level can hold as near-term support.
Top Stories
