Alipay Denies Claims of Binance Incorporating WeChat Support for Purchase of Bitcoin

Alipay Denies Claims of Binance Incorporating WeChat Support for Purchase of Bitcoin

Alipay, the parent company of WeChat, refutes claims that Binance has incorporated WeChat to facilitate the purchase of Bitcoin.

A spokesperson of Alipay in a statement said that “Alipay closely monitors over-the-counter (OTC) 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, we immediately stop the relevant payment services.”

Binance cryptocurrency exchange has integrated WeChat and Alipay payment methods into its platform. Founder and CEO of BitDeer, a computing power-sharing platform, first gave out this news through a tweet and sought for a confirmation of the same. To which the CEO of Binance, Changpeng Zhao, gave his affirmative in a response tweet; he confirmed the news of both the payment methods being added to the platform.

These Chinese payment methods were added to the platform so that it can provide support for fiat on-ramp. People in China can now buy Bitcoin through these payment channels. At present, this service is in the testing phase and has been made available to only Android users.

Binance seems to have made its first move to enter into the Chinese crypto-market with the integration of WeChat and Alipay on its platform. The exchange recently announced the P2P trading functionality, which allows users to trade Bitcoin (BTC), Ether (ETH), and Tether (USDT) with the Chinese Yuan (CNY).

This year, Binance is also set to start two pair trading. In a blog post, the company announced that they are going to start trading of TRX/XRP (Tron) and XZC/XRP (Zcoin) on December 24.