Alipay And WeChat Pay Say “No” To Cryptocurrency Transactions

The new Binance approach, one of the largest digital currency exchange rates in the world, has been avoided by the Chinese mobile payment giants in peer-to-peer trading

Alipay and WeChat Pay, Chinese giants in the field of mobile payments, reiterated their position on the prohibition of crypto-activity trading, especially after the news that the Binance cryptocurrency exchange allowed peer-to-peer trading against the Chinese yuan.

Binance, one of the largest digital currency exchanges in the world, announced on Wednesday that it had launched a peer-to-peer trading function that would allow the transaction of traditional cryptocurrencies – including Bitcoin, Ethereum and Tether – against the yuan.

Alipay has denied its support via Twitter

Zhao Changpeng, CEO of Binance, said in a tweet that the proposed exchange would offer Alipay and WeChat Pay trading in China. The rebuttal of Alipay came early and with a sharp “no”, again via a Twitter post.

The largest Chinese mobile wallet, owned by the e-commerce giant Alibaba, has in fact declared to closely monitor the counter transactions to identify irregular behaviour and at the same time guarantee compliance with the relevant regulations.

“If any transaction is identified as being related to bitcoins or other virtual currencies, Alipay immediately stops payment services,” it was made known; therefore, crystalline transparency for each operation.

Tencent, with WeChat Pay, has dispelled any doubts from users

WeChat Pay, Tencent’s mobile payment system, wanted to dispel the confusion that threatened to be created among its users, stating, with severe and firm tones, that it does not support any type of crypto-activity trading and that it has never integrated no cryptocurrency trader in his platform, according to reports from the local media SinaTech.

Categories: China, Online Payment

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