Alipay Reaffirms Its Prohibition of Cryptocurrency OTC Trading

Alipay No CryptocurrencyAlipay, the mobile installment giant has disgraced Binance with the emphasis of their prohibition on digital currency exchanges.

Everything started when Binance reported they would acknowledge installment for Alipay and Wechat on October 8th. The founder of Binance, Changpeng Zhao, said “Yes” on Twitter when a client inquired as to whether they can utilize WeChat and Alipay on Binance.

After this, Alipay had to take to Twitter to sort the record out and answered to Zhao’s tweet saying, “NO, you cannot.”

After this, they put a connection to their principle tweet on the issue, which stated:

“There are several reports about @Alipay being used for bitcoin transactions. To reiterate, Alipay closely monitors over-the-counter transactions to identify irregular behavior, and ensure compliance with relevant regulations. If any transactions are identified as being related to bitcoin or other virtual currencies, @Alipay immediately stops the relevant payment services.”

Somewhat later, Wechat likewise reacted. Dovey Wan cited the post from Weibo, with her tweet saying:

“WeChat Pay also followed up with an announcement to reassure “WeChat will never support cryptocurrencies trading and has never integrated with any crypto merchant. And it says, “We welcome any whistleblower to report such behavior.””

Changpeng Zhao needed to put some lucidity on his remarks yet that didn’t prevent the humiliating tweet from Alipay and Wechat. He said that Wechat and Alipay were not authoritatively working with the two portable installment giants and that as opposed to purchasing crypto with the destinations, you can rather share exchanges.

ALSO READ:  The China Forex Expo 2016 Will Kick off in Shenzhen

The move from Alipay repeats an expanding weight from experts in China. As indicated by Dovey Wan, the police are taking action against over the counter exchanging (OTC) and it appears that Alipay has seen this and hoped to remove themselves from Binance. Her tweet read:

“Alipay officially reaffirmed its “Prohibition of cryptocurrency OTC trading” on its Weibo today. Starting from Aug, China OTC market has been slowing down quite a bit due to various actions taken by both payment channels and local police.”

Unmistakably this is one more PR catastrophe for Binance and Zhao. The dismissal and a frim one at that from Alipay is exceptionally telling. Perhaps the Chinese market isn’t accessible for Binance or others?

ALSO READ:  Coinsecure Raises Over 1.2 Million in Series A Fund-Raising Round

Notwithstanding this, a willing Chinese populace and advancements in the business propose something else. Binance on its distributed system for Bitcoin (BTC), Ether (ETH) and Tether (USDT) has put it close by the Chinese yuan (CNY) which means there is another outlet for Chinese nationals hoping to get into exchanging.

Get the latest in Asian Bitcoin news here at Coin News Asia.