The Chinese mobile payment platforms WeChat Pay and Alipay are now under the eye of many regulators – especially after the recent announcements regarding initial coin offerings (ICOs) as well as cryptocurrencies.
According to news releases published yesterday, both of the payment giants said that they will work with the government in order to closely monitor the cryptocurrency transactions.
Meanwhile, there are even five high-level regulatory agencies in China – including the People’s Bank of China as well as the Banking Regulatory Commission – that issued a warning against the crypto-related fundraising and trading activities which were potentially present on WeChat Pay and AliPay.
The release published by Tencent, which is the parent company of WeChat Pay, said that the company has invented three main measures in order to regulate the “problematic” platforms related to ICOs and cryptocurrencies.
As the tech giant said, they will prohibit users from using WeChat payments to make any virtual currency-related transactions – as well as conduct real-time monitoring of daily transactions and risk assessment of any suspicious transactions.
On the other hand, another Beijing-based news outlet published an interview with the Alibaba Group affiliate Ant Financial (which owns AliPay) – where the giant said that depending on the situation, it will restrict or permanently ban any personal Alipay accounts that are involved in cryptocurrency transactions.
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“You probably noticed how many entrepreneurs have had to close their doors recently by order of the municipality. To prevent you from being the next one, you must immediately take action.’’In order to pay the extortion fee, the business owners are instructed to open a new account on two crypto exchanges and them being Coinbase and Coinmama. Next up they have to buy bitcoins on either one of the exchanges and then transfer them to a required address. At least three coffee shops have already received a threat like this in Amsterdam and also a few nightclubs. The criminals even said that the extortion fee will be doubled if the owners don’t make the payment in five days. The email recipients must keep the threat confidential and they are warned for informing the police or any other law enforcement body. If they don’t maintain the confidentiality, the extortion fee will reach a stunning 200,000 euros. However, there is no single business registered to have paid the said amount.
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