ALIBABA And TENCENT Prohibit Cryptocurrency Transactions

As part of an ongoing nationwide crackdown, China’s two largest technology companies, Tencent (TCEHY) and Alibaba (BABA), have reportedly banned cryptocurrency transactions on WeChat Pay and Ant Financial, respectively.

Both giants said that they will work closely with government agencies to monitor transactions related to cryptocurrencies

According to a report by Chinese tech media tech.qq, Tencent has taken immediate steps to limit the ability of WeChat users to conduct transactions in virtual currencies. This happened a few days after Tencent started banning cryptocurrency transactions on the WeChat platform.

Also, measures have been taken and the company Ant Financial (a subsidiary of Alibaba Group), which owns Alipay. The company said that depending on the situation, it will prohibit any personal Alipay accounts, which will be associated with cryptocurrency transactions. Ant Financial is also stepping up its efforts to monitor both trading and client accounts that offer over-the-counter cryptographic trading.