Alipay Denounces Bitcoin Transactions After Binance Adds it into its Fiat Gateway

Chinese online payment platform, Alipay has been reported to decline transactions related to bitcoin and any other cryptocurrency. This was made official by the organization when it updated its official Twitter handle with the information.
Alipay Declines Bitcoin Transactions
According to Alipay’s Twitter post on Thursday, if any transaction relates to either bitcoin or any other cryptocurrency, the giant Chinese online payment system would immediately stop the relevant payment services.
Preceding this confirmation was the fact that Alipay does not support any form of crypto transactions on its platform. It made this known after revealing that it received several reports that the platform supported bitcoin transactions.

If any transactions are identified as being related to bitcoin or other virtual currencies, @Alipay immediately stops the relevant payment services.
— Alipay (@Alipay) October 10, 2019

The Chinese online payment platform, Alipay was also said to have been banning accounts involved in Bitcoin OTC trading. A certain Twitter user had posted this on Twitter in August last year.

#alipay is blocking accounts involved in bitcoin otc trading. pic.twitter.com/7cuATHWReq
— Red Li (@redtheminer) August 24, 2018

Alipay is a Chinese intermediary online payment platform which was started in February 2004. Based in Hangzhou, the popular Chinese organization overtook PayPal as the world’s largest mobile payment platform in 2013. The platform boasts of about 900 million customers.
Binance Recently Added Alipay Fiat Gateway
This news comes amid a recent report that popular cryptocurrency exchange, Binance added Alipay and WeChat to its fiat gateway. According to a report by Coingape on Wednesday, the integration will allow Binance users to deposit fiat into the exchange using Alipay or WeChat. This was publicly announced on Twitter by a user who asked for an official confirmation regarding this update, tagging Binance CEO, Changpeng Zhao, CZ in the process. CZ responded to the inquiry by tweeting “YES”, thereby confirming that AliPay andWeChat had been added to Binance’s fiat gateway.

NO, you cannot. https://t.co/J0YMTz3FZW
— Alipay (@Alipay) October 10, 2019

Moving forward, Alipay seems to have a role to play in the adoption of China’s underway cryptocurrency. Platforms like Alipay, Tencent and WeChat have been listed among the payment platforms where it will be possible to use the yet-to-be-launched digital currency from the People’s Bank of China.
The post Alipay Denounces Bitcoin Transactions After Binance Adds it into its Fiat Gateway appeared first on Coingape.
Source: CoinGape

Binance CEO Confirms Chinese Crypto-Fiat On-ramps

Despite a crypto ban in China, citizens are still hungry for digital assets and companies around the world are seeking ways to facilitate trading for the burgeoning population. One of the world’s largest exchanges has just confirmed new fiat on-ramps for two of China’s largest ecommerce and social media payments platforms.
Buy Crypto With WeChat Pay and Alipay on Binance
For the past two years buying Bitcoin in China has been a tricky business. With the Beijing blockade, traders have resorted to OTC platforms and peer to peer trading using chat groups. The regime even went to the extreme of trying to ban these, but that has not quashed the hunger for crypto in China.
The world’s top exchange just confirmed that is now accepting fiat with Alipay and WeChat Pay, two of China’s largest online payments platforms.
“Is #Binance now accepting fiat on-ramp with #Alipay and #Wechat pay? Exciting news… would love for someone to confirm. @cz_binance”

YES https://t.co/dnHKQSLvS4
— CZ Binance (@cz_binance) October 9, 2019

the AliPay and WeChat Pay integration could have a bigger effect on the cryptocurrency sector than Bakkt which had no real impact on crypto markets.
Alipay has a billion users worldwide according to the official international website. It needs little more than that to reiterate how big this could be. WeChat Pay is not far behind with an estimated 900 million users so Binance has just provided a fiat on-ramp for almost a third of the planet.
Since most people in China use at least one of these platforms they will all have full access to cryptocurrencies now. No longer will crypto need to be traded behind clandestine curtains though there has yet to be an official reaction from the government.
Crypto Market Reaction
Today has seen further gains for most altcoins while Bitcoin again has stalled at resistance. A third day of green coated crypto markets is good news for most however BTC dominance has dropped another percentage point.
Yet again, resistance has proved to be too strong for BTC. According to Tradingview.com Bitcoin has been oscillating between $8,100 and $8,200 for the past 24 hours. It is currently at the top of that range but has not been able to push higher.
The death cross on the daily chart is still on target to form if the current down trend cannot be reversed. Crypto twitter appears to be split pretty evenly as both bulls and bears respond to Josh Rager’s little survey. At the time of writing 53 percent of the over 1,500 respondents were bearish.
Bitcoin dominance has dropped back to 68.5 percent according to Tradingview.com.
Altcoins are having another positive day with Ethereum holding above $180 while XRP pushes towards $0.28. Binance Coin spiked 8% on the news and has reached $17.50 at the time of writing. Total crypto market capitalization has added a further $3 billion but today is likely to be a strong one for Binance.
Image from Shutterstock
The post Binance CEO Confirms Chinese Crypto-Fiat On-ramps appeared first on NewsBTC.
Source: New feedNewsBTC.com

PayPal Entering China Market by Local Acquisition

Coinspeaker
PayPal Entering China Market by Local Acquisition
PayPal is buying a 70% equity state in Chinese GoPay. According to PayPal, the transaction is expected to close in the fourth quarter of 2019 and is subject to customary closing conditions.
PayPal Entering China Market by Local Acquisition

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Source: CoinSpeaker