Alipay, WeChat Confirm Their Anti-crypto Trading

Asia Blockchain Review
October 27, 2019
Alipay, WeChat Confirm Their Anti-crypto Trading

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.

Denial Seen as Public Relations Standard Protocol 

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.

Binance Hopes To Expand To Other Regions

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.


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