Altcoin News: Alipay Promised to Block All Transactions Related to Bitcoin Trading

October 11, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The payment unit of Chinese e-commerce giant Alibaba has promised to block all payments related to Bitcoin and other cryptocurrencies.

On Thursday, Alipay once again outlined its negative attitude to cryptocurrencies on Twitter, emphasizing that it closely monitors over-the-counter trading and will suppress activities carried out in violation of existing rules.

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

The day before, the Binance exchange confirmed that its users from China can make deposits through Alipay for peer-to-peer trading while noting that it does not have a direct agreement with the payment platform.

Binance launched its new service as part of a plan to increase competitiveness in the Chinese market. Currently, traders are invited to exchange yuan for Bitcoin, Ethereum and USDT. In the future, Binance intends to expand the service to other countries.

Last July, Alipay successfully tested a blockchain-based payment system.

Author: Marko Vidrih