WeChat China suspends some accounts related to NFT.

Popular Chinese messaging app WeChat has suspended some irreplaceable token (NFT) accounts to prevent speculation in digital assets. The platform said it had "fixed" accounts it found encouraging belief in the NFT market, which could help push prices higher.

There are no regulations banning NFTs in China, although cryptocurrency trading was restricted last year. As a result, NFTs can be bought and sold in China like any other property. Because of this, they are promoted as digital answers to collections. However, they do not have a tangible form, and experts warn of market risks.

On Thursday, WeChat responded to reports in local media that accounts had been suspended. Instead, the platform said, "recently standardized and customized public accounts and small schemes for speculation and resale of digital collections." He added that this was "done by relevant national regulations to prevent speculative risks in virtual currency transactions."

The move comes after China's technology industry has come under intense scrutiny from the authorities. Since last year, many precautions have been taken, including crackdowns on e-commerce companies, online financial services, social media platforms, gambling companies, cloud providers, travel apps and excavators, and cryptocurrency exchanges.

Even after all the measures, NFT trading is still not illegal in China. However, digital assets are based on technology regulated by Beijing. According to the rules, buyers must purchase NFT in local currency yuan and not in prohibited cryptocurrencies. "Unique assets" have sold for thousands - even millions - of dollars.