Alipay, the digital payment arm of Chinese e-commerce giant Alibaba has officially announced the ban on Bitcoin and other crypto-related transactions. Such a stern update from Alipay comes in a wake of Binance CEO’s comment to a tweet that inquired if Binance is accepting funds via AliPay.
What seems to be the most exciting news for the Chinese crypto community has turned out to be just the opposite. A Twitter user asked if Binance now accepting fiat on-ramp with Alipay and Wechat Pay. Alipay’s follow-up reply to Binance CEO’s reply was negative.
Alipay is Firm on Their Stand
Alipay reiterated its anti-crypto stance in a stating that it will monitor closely all transactions and if any transactions are related to bitcoin or virtual currencies, it “immediately stops the relevant payment services”.
“There are several reports about Alipay being used for bitcoin transactions. To reiterate, Alipay closely monitors over-the-counter transactions to identify irregular behaviour and ensure compliance with relevant regulations, Alipay wrote on Twitter. If any transactions are identified as being related to bitcoin or other virtual currencies, @Alipay immediately stops the relevant payment services”
This all comes during a time when China is said to be developing its own cryptocurrency. As it has been known, the new Chinese digital currency is intended to challenge Bitcoin and the other private cryptocurrencies such as Libra.
China’s OTC Slowed Down
Binance is a peer-to-peer crypto trading platform where users are able to deposit, buy and sell cryptocurrencies through various channels. At present, neither Binance CEO nor the exchange responded back to Alipay’s tweet.
The Chinese local police are strongly scrutinizing bitcoin and crypto transactions. According to a crypto influencer, China’s OTC market has slowed down since August due to various actions taken by payment channels and local police.