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WeChat and AliPay to block cryptocurrency transactions

(Image credit: Image Credit: Make-Someones-Day / Pixabay)

Following recent government breakdown on all things crypto, Chinese mobile payment platforms WeChat Pay and Alipay will block crypto transactions on its platforms.

This was confirmed by Coindesk, who said both payment agencies agreed to work with government agencies to ‘closely monitor cryptocurrency transactions’.

Last week, five of Chinese regulatory agencies issued warnings against cryptocurrency-related activities. Tencent (WeChat Pay’s parent company) said it will do a couple of things to regulate all things crypto, ICOs included: it will ban users from using WeChat Pay for crypto transactions, it will implement real-time monitoring and will conduct risk assessment of any ‘suspicious transactions’.

Alipay wasn’t as direct as WeChat, but it did say that it will ‘restrict or permanently ban any personal Alipay accounts involved in cryptocurrency transactions ‘ – depending on the situation.

Last week, the country decided to shut down many blockchain and cryptocurrency-related news outlets on the WeChat platform. At least eight such news accounts have been blocked, so far.

And two days ago, Alipay started banning accounts that are affiliated with OTC (over-the-counter) bitcoin trading. It is now official – all commercial cryptocurrency-related activities and events are now banned in the country. All hotels, office and hotel buildings, as well as shopping malls, are banned from hosting events related to cryptocurrencies, as well.

Image Credit: Make-Someones-Day / Pixabay