Chinese payment platforms ban crypto transactions

Asia China

Chinese online payment giants, WeChat Pay and Alipay, announced that they intend to cooperate with the authorities on cryptocurrencies payments.

Tencent, the parent company of WeChat Pay announced that not only will it monitor and asses the risk of any suspicious transactions but will outright ban all cryptocurrency related transactions on the platform.

Alipay owner, the Beijing based Alibaba Group affiliate Ant Financial revealed to the local media that it will either restrict or ban all Alipay accounts used for transactions using cryptocurrencies.

About the author

Mark Knowles

Mark Knowles

Coinlaw Multi-Jurisdiction Blockchain News
Mark Knowles is the Executive Editor of coinlaw.io
With more than a decade of experience as a journalist and editor, Mark has now turned his focus to the blockchain and cryptocurrency revolution that is currently reshaping the global economy. As Executive Editor at Coinlaw Mark is working to create a website that is a hub for the international crypto community to find the latest legal news, legislative changes and expert opinion from across the industry. Contact him at [email protected] or through mobile on +66 (0) 98 705 2716.

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