- Ant Financial of Alibaba joined forces with China’s regulators to set up scrutiny for OTC cryptocurrency trading.
- WeChat Pay already took a similar move.
China: Report has it that an Alibaba’s payment affiliate, Ant Financial, is teaming up with China regulators to set up scrutiny for P2P crypto trading on its Alipay mobile app.
A local media channel, Beijing News, stated today Friday 24th August 2018 that Ant Financial of Alibaba is making efforts to scrutinize the account of both customers and merchants and also accounts of well-known websites that use the Alipay payment gateway to bring about over-the-counter cryptocurrency trading.
According to an Ant Financial spokesperson:
“Alipay adheres to the principle of not providing services for virtual currency transactions.”
The spokesperson added:
“We have been and will continue to closely monitor over-the-counter trading activities. If we find any transactions that we suspect are related to virtual currencies, we take appropriate measures including, but not limited to suspension of related fund transfers and permanently restricting payment collection functions of accounts involved.”
However, Ant Financial did not give further information on the number of accounts it has found to be engaging in cryptocurrency trading.
Prior to this announcement, there was a report yesterday that China financial regulators are making attempts to block Internet access to more than 100 foreign cryptocurrency trading providers that are still found servicing Chinese investors.
It was previously reported that WeChat Pay, another popular Chinese payments app owned by Tencent, has been scrutinizing and blocking accounts that are found to be related to crypto transactions. Right after the Chinese Central Bank placed a ban on ICO and cryptocurrency trading last year September, most crypto exchanges moved their operations overseas to continue with over-the-counter cryptocurrency trading.
Alipay had been one of the major payment services, besides WeChat Pay, used by Chinese crypto investors to purchase digital currencies before the Ban.