Cryptocurrency

Alipay Bans Crypto Transactions

Alipay revealed that it will be banning any transactions related to bitcoin and other cryptocurrencies. Its announcement came the day after crypto exchange Binance tweeted that it is now accepting fiat currencies via Alipay, as well as via mobile messaging and payment app WeChat.

Alipay refuted that claim in a Twitter thread, writing “There’re 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.”

Binance CEO Changpeng Zhao, known as CZ, later clarified that while the exchange is not working directly with WeChat or Alipay, users can still use them to carry out peer-to-peer (P2P) transactions, according to Cointelegraph. In the meantime, Binance is poised to debut in the United States, with the company opening account registration and accepting deposits starting on Sept. 18.

“During this initial registration phase, you will be able to sign up for a Binance.US account, and select the tier of verification required to achieve your desired withdrawal limits,” the company wrote in a blog post. “Once verified, you will be able to make deposits across the initial selection of digital assets. Shortly after registration opens, we will provide an update detailing when trading will go live for specific pairs.”

In August, the company announced plans to launch its blockchain project, Venus, to develop localized stablecoins and digital assets pegged to fiat currencies across the globe.

“Binance is looking to create new alliances and partnerships with governments, corporations, technology companies, and other cryptocurrency companies and projects involved in the larger blockchain ecosystem, to empower developed and developing countries to spur new currencies,” the company stated at the time.

——————————–

Latest Insights:

Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. In the November 2019 AML/KYC Report, Zillow’s Justin Farris tells PYMNTS how the platform incorporates stringent authentication without making the onboarding and buying experiences too complex.

TRENDING RIGHT NOW