Official news on the ban on BTC and other crypto transactions are coming from Alipay, which is the leading digital payment provider and an arm of the Chinese eCommerce giant Alibaba. According to the Bitcoin news updates, Alipay will ban all and any transactions related to Bitcoin and other cryptocurrencies.
We have been seeing the anti-crypto stance from Alipay for a while now – but everything has been officially confirmed in a Twitter thread in which the payment provider said that the company is closely monitoring the over the counter (OTC) transactions in order to identify irregular behaviour and ensure complete 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,” the tweet read.
This move, as the cryptocurrency news show, follows various reports that Alipay is being used for BTC transactions.
Before the news that Alipay will ban BTC and other transactions, we saw an update from Binance on October 9 which showed that the exchange has begun accepting fiat currencies through the online payment service Alipay and the mobile and messaging app WeChat. The CEO was in the latest Binance news – Changpeng Zhao said that the exchange is not working directly with WeChat or Alipay and that users are still able to use these services for peer-to-peer transactions.
Even though it seems contradictory to this, the fact that Alipay will ban these types of transactions comes as a surprise for many people. China’s stance on crypto has been changing all the time and Binance was definitely among the main drivers of a positive regulation.
Meanwhile, AliPay is a popular third-party mobile and online payment platform established in Hangzhou, China in February 2004 by Alibaba Group. The app offers a variety of services that bring convenience in the users’ everyday life. According to some reports, Alipay is the most widely used third-party online payment service provider in the world, with more than 100 million daily transactions and 520 million active users.
As soon as the news that Alipay will ban Bitcoin and other crypto services came, there was an ocean of responses by traders who stated that this is a backward stance by the leading payment provider and not a very smart move at all.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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