Cryptocurrency

Alipay Bans All Cryptocurrencies Transactions on Its Platform

In a significant development that doesn’t bode well for the mass adoption of cryptocurrency, Alipay has decided to ban all the transactions involving Bitcoin and other cryptocurrencies. So that you know, Alipay is one of the subsidiaries of the Alibaba group, which is involved in the business of digital payments.

Official Announcement

Announcing this on its twitter handle, Alipay said that it is closely monitoring all the transactions going through its platform to identify any deviation from the rules and standards laid out by the government agencies. Warning that the platform will immediately stop payment, which involves crypto, Alipay wrote on its Twitter handle that people should not indulge in transactions involving cryptocurrencies. That has come after the news that Alipay is being utilized by many users to do transactions in cryptocurrency, including Bitcoin.

Binance Reaction

Reacting to the development, Binance’s CEO, Changpeng Zhao, said in a clarification that his exchange is not directly working with Alipay or WeChat, and users can still conduct transactions without any issue. Binance was founded in 2017 in China, and in mid-September last month, it made a strategic investment in Beijing amid the reports that Bank of China is also planning to launch its digital currency in the country. However, these plans were brushed off by the bank, later on, claiming that there is no plan of launching the bank’s digital coin.

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Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.
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