Yesterday, Binance CEO Changpeng Zhao confirmed on Twitter that Binance is accepting fiat on-ramp with Chinese payment provider Alipay and messenger WeChat. Zhao detailed that Binance is not working directly with Alipay or WeChat, but users can use them for payments. Shortly after, the official Twitter account of Alipay refuted this possibility and promised to terminate all crypto-related transactions.
The option was available for 2 days on Android since Binance had launched P2P trading in China where now users can trade Bitcoin, Ether, and Tether against the Chinese yuan.
Today, payment provider Alipay warned operators and users that the service will immediately terminate transactions if they are identified as related to cryptocurrencies.
The payment provider detailed that Alipay monitors over-the-counter (OTC) transactions to identify transactions that could potentially offend government policy that bans cryptocurrencies.
Alipay banned all OTC transactions with cryptocurrencies last year. This year, both Chinese giants AliPay and WeChat sent a legal notice to another crypto exchange, Huobi, for using their logos on the payment page.