Bitcoin and Crypto Transactions Banned by Alipay

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The digital payment branch of the Chinese e-commerce behemoth Alibaba, Alipay, has officially banned all bitcoin and crypto transactions.

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. [cont'd…]

— Alipay (@Alipay) October 10, 2019

Yesterday, Alipay’s anti-crypto views were shared in a Twitter thread. The thread, which was met with huge disapproval, warned that the company is currently monitoring all over-the-counter (OTC) transactions closely. Monitoring is this strict in order to quickly identify “irregular” behaviour and ensure compliance with relevant regulations.

The official statement regarding cryptocurrencies is:

“If any transaction is identified as being related to bitcoin or other forms of digital currencies our company immediately stops the relevant payment services.”

A lot of experts have speculated that Alipay’s recent harsh anti-crypto stance is due the rumors that Alipay’s services have been used for BTC transactions for quite a while now.

Earlier this week, Coinstaker reported that Binance had officially confirmed that Alipay and WeChat were to be used by the crypto exchange in order to accept fiat currencies.

The move to ban bitcoin and crypto transactions comes at a peculiar time

The statement from Binance was quickly followed by a clarification by the CEO, Changpeng Zhao, which made widely known that Binance is currently not working directly with either WeChat or Alipay. He also stated that users are still able to use them for peer-to-peer (P2P) transactions.

Binance also revealed a lot of new features over the last few months with the most exciting probably being the Binance Market Maker program.

This new program has the aim to invite top-tier liquidity providers to the exchange. According to Binance, a “top-tier liquidity provider” is a trader whose 30-day trading volumes exceed 1000 BTC or can achieve the same volumes. Members of the new program will enjoy trading fee reductions combined with higher API limits.

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