Connect with us

Cryptocurrency News

China’s Payments Giant AliPay to Block Crypto Transactions on Payment Platforms



China’s Payments Giant AliPay to Block Crypto Transactions on Payment Platforms
Source: Unsplash

The sources have confirmed that the China-based digital payment app AliPay have made it difficult for the users using the account of the over-the-counter (OTC) Bitcoin (BTC) exchanges.

As per the official sources it has been stated that the overwhelmed famous AliPay is now planning to toughen and even thinking of permanently restricting the use of accounts that considerably take assist of Bitcoin, OTC to transact.

Moreover, the platform has also made clear that they will launch an interrogation protocol for the “key websites and accounts.”

The famous app, AliPay embraced almost 400 million users in this month and the function smoothly carries with the support of Alibaba affiliated by Ant Financial, that have most probably witnessed $150 million.

In January, Beijing also witnessed some dreadful crackdown for the exchanges platforms including the ban of OTC resources, crypto-to-fiat exchanges and the initial coin offerings (ICOs) on those platforms since September 2017.

The Co-founder of Chinese crypto community 8BTC, Red Li has posted a screenshot of the statement from AliPay by stating that “AliPay is blocking accounts involved in bitcoin otc trading”

The news further stated that the Ant Financial, giant platform is also planning to organize an event based on “risk prevention” that will make the users aware regarding the danger and demerits of using the fake crypto related strategies.

The CEO of Ant Financial, Eric Jing have criticised ICOs by claiming that they are established on the concept of nothingness. This means that they are good for nothing.

Nevertheless, the statement made by Jing’s Harsh balanced the scene by stating that he is having a strong feeling that the technology will definitely be executed in AliPay in near future, at current it is acting as the base for the digital payment app.

Moreover, in June of this year, Ant Financial partnered with the “definitive agreements” in order to save $14 billion with the investors in a ‘Series C equity round based on financing. The main purpose of doing so was to make the use of that capital to pursue innovative blockchain technologies on his platform.

This news has expressed the tough times for China including those the ban of commercial places from organizing any kind of crypto-related programs in Chaoyang district of Beijing. This whole week have proved to be cursed for the trading platform based in Beijing.

Apart from this, WeChat has also blocked large numbers of accounts based on blockchain and crypto as the social media platform suspected of advertising and publishing the crypto “hype” against the regulations and agreement.

In addition, more measures are on the way to curb the crypto transaction platform including those repeatedly utilized by the OTC board.

Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

Rupali Sinha is a journalist at Koinalert. She covers the latest news and updates related to Blockchain technology and cryptocurrencies.