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.
Criminals Are Threatening Business Owners In Amsterdam Demanding 50,000 Euros Worth Of Bitcoin
“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.
Fake Debt Collectors Manage To Steal $50,000 In BTC From Four People In Australia
Venezuela’s Growing Interest In Bitcoin Trading: A Way Out Of The Hyperinflation Exodus
Venture Capital Firm Owner Announced That He Will No Longer Invest In Crypto Projects
“From this day on, Li Xiaolai personally will not invest in any projects (whether it is blockchain or early stage). So, if you see ‘Li Xiaolai’ associated with any project (I have been associated with countless projects without my knowledge, 99% is not an exaggeration), just ignore it. I plan to spend several years to contemplate on my career change. As for what I’m doing next, I’m not sure just yet.”There might be a few reasons why Li decided to move away from the crypto sector mostly because of the crackdown on ICOs by the Chinese government and also because of the rise in scams in the crypto space. A Chinese national TV released a documentary about the technology claiming that blockchain has the potential to surpass the success of the Internet. However, just after the release of the documentary, the government of China tightened the ban saying that ICOs are considered as illegal fundraising tools. The government stated:
“Such activities are not really based on blockchain technology, but rather the practice of speculative blockchain concepts for illegal fundraising, pyramid schemes and fraud. The main features are as follows:
Risk of illegal activities, unregulated overseas markets and inability to track or monitor transactions made in ICOs.
Illegal operations like profit-generating pyramid schemes and creating Ponzi schemes by describing them as ‘financial innovations.’’
Join us on Facebook
- Where Does Bitcoin Cash (BCH) Stand The Day After The Fork?
- A New $4 Billion Drop Sees Bitcoin Cash – And The Entire Market – Falling
- SEC Shuts Down Two Crypto Startups For Illegal ICOs
- Q3 Report: Chinese Blockchain Company Xunlei Reaches $45.3 Million In Revenue
- Financial Analyst Gary Shilling: Bitcoin Is Some Kind Of A Grand Ponzi Scheme
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
wed05dec9:30 am5:30 pmDigital Asset Investment ForumExploring the Emerging Asset Class.9:30 am - 5:30 pm The St. Regis Washington, D.C, 923 16th and K Streets, N.W., Washington, District Of Columbia 20006 USA
Altcoin News5 days ago
Australian Exchange Co-Founder: ‘Stablecoins Are A Game Changer’
Blockchain Archive2 days ago
ICO Promotion Services | Advertise your ICO | Promo for ICO
Blockchain News3 days ago
Bank Of America Secures A Patent For Crypto Aggregation Systems
Altcoin News5 days ago
CFTC With A Fine Of $1.1 Million To Crypto Fraudster
Blockchain News4 days ago
Iran Gets Removed From SWIFT, Considers Switching To Crypto As Planned
Blockchain Archive4 days ago
Blockchain Conferences Marketing | Advertise Cryptocurrency Events
Analysis4 days ago
Bitcoin Falls To $6,300, Recording Two Sell Candles On Its Daily Chart
Blockchain News5 days ago
The City Of Graz Opens A Cancer Research Laboratory That Will Use Smart Contracts On The Blockchain