Tencent Halts NFT Sales on Its Huanhe Platform Amid Regulatory Scrutiny: Report

by Aaryamann Shrivastava
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Tencent Halts NFT Sales on Its Huanhe Platform Amid Regulatory Scrutiny: Report

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Chinese tech giant Tencent will stop releasing digital collectibles on its non-fungible token (NFT) platform in light of scrutiny from regulators, according an official statement cited by Reuters.

The company’s Huanhe NFT platform, which started up August last year, will no longer sell NFTs from Tuesday, Reuters said. Customers who own NFTs will, however, still be able to hold, display or request a refund for the digital assets.

Last year China banned cryptocurrency trading and mining, a decision that left question marks over the uncategorized NFT market because of its similarities to cryptocurrencies. Shenzhen-based Tencent, whose businesses include the Weixin/WeChat messaging app as well as mobile news, games and payment systems, was forced to remove all references to NFTs on Huanhe last October after Chinese state entities warned that NFTs were being used for speculation.

“Based on the company’s consideration to focus on its core strategy, Huanhe is making adjustments to its business,” Tencent said in a statement, as quoted by Reuters.

Tencent did not immediately reply to CoinDesk’s request for comment.

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