In what can only be described as a virtual slap in the face, the Chinese mobile payment platform, Alipay, strongly rebuked bitcoin exchange giant Binance for attempting to implement Alipay as a fiat on-ramp.
Did Alipay Reverse Its Bitcoin Ban?
Much to the elation of investors, it was reported that major Chinese payment processors Alipay and WeChat Pay would be used as fiat on-ramps. However, this seemingly got lost in translation, with some believing there to be a partnership with the major firms.
CZ later clarified this, noting:
“Some confusion by some news outlets. @Binance is not working directly with WeChat or Alipay. However, users are able to use them in P2P transactions for payment.”
Alipay Claps Back at Binance
Alipay confronted Binance’s CEO on Twitter. | Source: TY Lim/Shutterstock.com
Nevertheless, despite the explanation, Alipay still took offense, directly rebuking CZ on Twitter.
AliPay confronts CZ with a scathing “NO.” | Source: Twitter
Within the retort, Alipay’s official Twitter account linked to a thread reasserting their stringent position on cryptocurrency trading. The company said that any and all crypto transactions would be stopped.
“There’re several reports about @Alipay being used for bitcoin transactions. To reiterate, Alipay closely monitors over-the-counter transactions to identify irregular behavior and ensure compliance with relevant regulations.”
The company continued to relay that any and all crypto transactions via Alipay would be halted.
“If any transactions are identified as being related to bitcoin or other virtual currencies, @Alipay immediately stops the relevant payment services.“
It wasn’t too long until WeChat caught wind of the uproar, reaffirming their own stubborn stance on cryptocurrencies. Crypto venture capitalist Dovey Wan took a snapshot of the WeChat announcement, translating it to reveal its seemingly tyrannical nature:
Dovey Wan translates WeChat’s obtuse statement | Source: Twitter
However, none of this should come as a shock.
This article was edited by Josiah Wilmoth.
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