It was recently claimed that Binance would begin buying Bitcoin in China through AliPay and WeChat, and this news hyped up the cryptocurrency industry.
Binance has been accepting fiat through Alipay and WeChat- opening up the exchange to peer-to-peer (P2P) crypto transactions from China. But, On October 10, Alipay reiterated its anti-crypto stance on Twitter, which stated that the company is keeping track on over-the-counter transactions to identify irregular behavior and ensure compliance with relevant regulations. Alipay wrote,
“If any transactions are identified as being related to bitcoin or other virtual currencies, Alipay would immediately stop the relevant payment services.”
However, AliPay officials made a statement regarding the issue and stated that the company would not engage in any business involving Bitcoin or other cryptocurrencies, with Binance clarifying that it isn’t working directly with AliPay for payment services.
“China still sees crypto money as a gamble and there are serious sanctions in this area. Although AliPay is a very large company, its main objectives are very different. They still want to expand their business in the traditional plan and are seen as the rival of the cryptocurrency sector as their rivals.”
Chinese-based cryptocurrency analysts said that the government attaches great importance to the digital Yuan project and that AliPay will be a big part of it.
However, China has recently been issuing regular warnings and taking steps to end the use of cryptocurrency in the country. The recent development can completely eliminate any activities relating to cryptocurrency in the world’s most populous nation.