Following China’s Crackdown, WeChat, AliPay Blocks Crypto Transactions on It’s Platforms

Following China’s Crackdown, WeChat, AliPay Blocks Crypto Transactions on It’s Platforms

Cryptocurrency News
August 27, 2018 by Sandra Onyeiwu
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China’s cryptocurrency crackdown is taking more and more ugly turns with each passing day. WeChat Pay on Friday issued a statement stating that they would prohibit users from sending or receiving funds related to cryptocurrencies on its social media platform. Beijing News reports that Ant Financial Services, an affiliate of Chinese tech giant Alibaba, have also
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China’s cryptocurrency crackdown is taking more and more ugly turns with each passing day. WeChat Pay on Friday issued a statement stating that they would prohibit users from sending or receiving funds related to cryptocurrencies on its social media platform.

Beijing News reports that Ant Financial Services, an affiliate of Chinese tech giant Alibaba, have also declared that they will not allow the use of their platforms for transactions related to cryptocurrencies. and will closely monitor over-the-counter transactions involving cryptocurrencies and establish inspection systems for key websites and accounts.

Both payment giants have said that they will work with the government agencies closely to monitor cryptocurrency transactions.

Tencent, the parent company of WeChat Pay, has come up with three main measures to regulate any “problematic” platforms related to ICOs and cryptocurrencies.

Specifically, the tech large mentioned that it’ll limit customers from the use of WeChat bills to make any digital currency-related transactions. Moreover, it’ll habits each real-time tracking of day-to-day transactions and chance evaluation of any suspicious transactions.

This comes as the Chinese government has continued its crackdown on cryptocurrencies this year. Already, the country has banned domestic exchanges, initial coin offerings, and is now seeking to block foreign exchanges.

 

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