Alipay set to block bitcoin-related transactions

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Alipay discounts potential of buying bitcoins through system.

The company is geared to block accounts of users purchasing cryptocurrencies.

Alipay chose not to disclose any information that can be used to purchase Bitcoins in exchange for fiat through Binance. One of the largest payment systems in China, Alipay committed into banning all payments related to all cryptocurrencies.

The head of Binance Changpeng Zhao, on Thursday confirmed news that AliPay will become one of the payment channels for Chinese bitcoin traders. The payment service provider itself denied it as mere rumor.

“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. If any transactions are identified as being related to bitcoin or other virtual currencies, Alipay immediately stops the relevant payment services.” A tweet by Alipay had said.

Worthy of note, cryptocurrency exchanges had been banned in China upon 2017's close. But that didn't stop residents from actively using P2P and OTC platforms to purchase Bitcoin.

Early this year, payment system, WeChat Pay declared that they would be deleting profiles of sellers who trade bitcoin through their system. Immediately after, cryptocurrency and blockchain related accounts, including Bitmain's account were blocked.

The information and recommendations contained in this analytical document are published strictly for information purposes and are not considered as an offer to buy or sell the trading tools mentioned above and are not intended to motivate to perform certain transactions
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