Alipay Declares A Ban On Bitcoin Related Transactions

Alipay Declares A Ban On Bitcoin Related Transactions

Alipay has declared the expulsion of all Bitcoin, and other cryptocurrency-related transactions from the platform. The digital payment off-shoot of Alibaba, Alipay, was identified as the dominant network for bitcoin trade. Binance, the major crypto exchange, also confirmed the acceptance of fiat money through the payment service Alipay and messaging giant WeChat.

Alipay, the digital payment branch of the Chinese e-commerce giant Alibaba, has officially announced a ban on the bitcoin and other cryptocurrency-related transactions on its network. The platform stated its unfavorable stance for crypto on Twitter:

If any transactions are identified as being related to bitcoin or other virtual currencies, @Alipay immediately stops the relevant payment services.
— Alipay (@Alipay) October 10, 2019

Not In A Direct Work Relation With The Chinese Social Giants

Furthermore, the platform alerted about the close surveillance put forward to monitor the over-the-counter transactions to identify irregular behavior. The close check ensures assent with prevalent regulations.

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

Just a day before Alipay’s declaration, the major crypto exchange, Binance, confirmed on Twitter the process of accepting traditional money through Alipay and WeChat, the mobile messaging and payment application. However, CZ clarified that the exchange is not in a direct work relation with the Chinese social giants.

YES
— CZ Binance (@cz_binance) October 9, 2019

The prohibition is followed by the severe speculations concerning Alipay as the undercover bitcoin agent and a platform being used majorly for bitcoin trade.