WeChat Payment and Alipay Forbid Crypto-Related Transactions

China’s two major electronic payment providers, WeChat Pay and Alipay, announced yesterday that they would ban users that use their electronic payment services for virtual currency transactions. The two companies almost simultaneously announced their statements.

WeChat payment indicated that virtual currency trading is not supported, and it also indicated that the access service has never been opened for merchants of virtual currency. If there is any relevant behavior, “the company will be cleared.” At the same time, the company also welcomes users to report violations and will crack down on related activities in accordance with regulatory requirements. As for Alipay, it also reiterates that commercial and individual users are prohibited from making virtual currency transactions, and in addition to the clearing process, individual users have a better chance of being permanently restricted.

The two major electronic payment giants suddenly issued relevant statements, which reminded the market that it may be related to Binance security. Zhao Changpeng, the founder of Binance, confirmed on his personal Twitter account on Wednesday that users can use WeChat to pay and Alipay to trade cryptocurrencies in legal tender. However, he also clarified this service, not directly working with WeChat Pay and Alipay. However, Alipay’s Twitter account also responded to Zhao Changpeng’s post, and Alipay cannot be used to trade virtual currency.