Alipay prohibits all transactions related to Bitcoin

Alipay, an online payment platform of Chinese e-commerce giant Alibaba, has vowed to ban all transactions related to Bitcoin (BTC) and other cryptocurrencies.

Fight against illegal participants

On October 10, Alipay echoed its stance of not backing the cryptocurrency in a tweet, warning that the company is closely monitoring OTC transactions to identify abnormal behavior and ensure users. Comply with the relevant regulations. Alipay said:

If it detects any transactions involving bitcoin or other cryptocurrencies, @Alipay will immediately stop all related payment services.

This move has gone against many reports that Alipay is supporting BTC transactions.

Use Alipay to buy cryptocurrencies?

On October 9, cryptocurrency exchange Binance confirmed on Twitter that it had started accepting fiat money through its online payment service Alipay as well as its messaging and mobile payment app WeChat.

Binance CEO Changpeng Zhao (CZ) made it clear that they will not deal directly with WeChat or Alipay but users can still use these applications to pay peer-to-peer (P2P) transactions.

According to Cointelegraph, the announcement was published after Binance launched a peer-to-peer transaction with Bitcoin, Ether (ETH) and Tether (USDT) in exchange for the Chinese yuan (CNY) earlier.

China’s CBDC plan

Founded in China in 2017, Binance made the first strategic investment in cryptocurrency and blockchain media company Mars Finance based in Beijing in mid-September. Cryptocurrencies are buzzing with information about the launch of a private cryptocurrency by the People’s Bank of China (CBDC).

However, at the end of September, the bank smashed previous expectations and stated that no specific launch date for the CBDC plan and the project would be delayed indefinitely.