According to BeInCrypto, Changpeng “CZ” Zhao, Chief Executive Officer of cryptocurrency trading platform Binance, said Alipay and WeChat Pay now support crypto transactions, assertions that have since been denied by both Alipay and WeChat.
Dovey Wan from the crypto asset management company Primitive Ventures speculated that it is a common PR practice in China to deny such announcements.
Twitter user @truthurtm claimed that Alipay confirmed its anti-crypto stance, given that Binance is the world’s leading crypto exchange. The account added that Alipay and WeChat have been used as platforms where smaller exchanges in China have been facilitating peer-to-peer Bitcoin trading.
BeInCrypto has reported that Binance has plans to focus more on the Chinese market by supporting fiat on-ramp via OTC for the yuan. In his tweet on October 9th, Zhao said the company has launched peer-to-peer trading in the country, with a plan to “expand the service to other regions soon.” According to the Binance CEO, around 1.4 billion people in China can now use the service.
Two years ago, after regulators imposed a ban on crypto exchange marketing in China — an effort to prevent illicit trading in the country — Binance decided to stop operating in China. The company relocated its offices to Taiwan and Japan and incorporated its business in Malta, where cryptocurrencies and blockchain are more welcome.
Huobi and OKCoin — Binance’s competitors — now operate OTC crypto platforms in China’s expanding P2P market.
Source: beincrypto.com
About Asia Blockchain Review
Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.
Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.
Follow Asia Blockchain Review on:
We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us