WeChat & Alipay Block Cryptocurrency Transactions

Chinese mobile payment platforms WeChat Pay, one of the leading mobile payment solutions in China and used by some 600 million users every month, with the numbers rising all the time, and Alipay, one of the largest payment systems included in the Alibaba Group, will block cryptographic transactions on their platforms.

According to recent information, both payment agencies agreed to work with government agencies to “closely monitor cryptocurrency transactions.”

Last week, five Chinese regulatory authorities issued warnings against activities related to cryptocurrencies. Tencent (the parent company of WeChat Pay) said it will take several steps to resolve all cryptographic operations, including ICO: Tencent will prohibit users from using WeChat Pay for cryptographic transactions, it will monitor in real time and will assess the risks of any “suspicious transactions”.

Alipay noted that it would limit or permanently prohibit any Alipay personal accounts involved in cryptocurrency transactions.

Last week the country decided to close many news channels related to blockchain and cryptocurrencies on the WeChat platform. At least eight of these news accounts were blocked, and two days ago Alipay began to prohibit accounts that are associated with OFF-EXCHANGE trade in OVER-THE-COUNTER BITCOINS. Now officially all cryptocurrency activities are banned in the country. All hotels, office and hotel buildings, as well as shopping centers are prohibited from carrying out activities related to cryptocurrencies.