Cryptocurrency exchange giant Binance announced that its users can now use popular Chinese applications like WeChat and Alipay in P2P transactions.
WeChat and Alipay in P2P Transactions
Bitdeer CEO Haiyi Lu took to twitter adding a screenshot of an Android app with tabs for Bank Card, WeChat, and Alipay options for Buying BTC.
She tweeted “‘Is Binance now accepting fiat on-ramp with Alipay and WeChat pay? Exciting news… would love for someone to confirm.”
Is #Binance now accepting fiat on-ramp with #Alipay and #Wechat pay? Exciting news… would love for someone to confirm. @cz_binance pic.twitter.com/zI3JonxaQ8 — Haiyi(Celine) Lu (@CelineLu7) October 9, 2019
Not waiting for long enough the CEO of Binance, CZ himself, confirmed to a “Yes.”
https://twitter.com/cz_binance/status/1181861386525106176
However, CZ clarified that Binance is not working directly with WeChat and Alipay although its users will be able to use them in P2P transactions for payment.
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. Still not a small feat. But words/meaning get twisted as they are passed around. https://t.co/uQ8KmD1TQB — CZ Binance (@cz_binance) October 9, 2019
Buying Bitcoins Over P2P Platforms
China’s central bank, People’s Bank of China (PBoC) have officially banned cryptocurrency exchanges in China since 2017 although Chinese citizens can still buy bitcoins over peer-to-peer (P2P) platforms or through over-the-counter trading desks.
For instance, ‘Huobi and OKEx were the main exchanges that facilitated CNY to BTC/USDT conversions disguised behind a P2P OTC desk.’
Binance announced the launch of peer-to-peer trading for Bitcoin (BTC), Ether (ETH) and Tether (USDT) against the Chinese Yuan (CNY).
Last night, @Binance Launches P2P Trading, starting with China. Most of CT probably can't use it yet, but 1.4 billion people can. We will expand the service to other regions soon. Anything that makes it easier to get #crypto.https://t.co/GX1sPK8Hql — CZ Binance (@cz_binance) October 9, 2019
However, Alipay clarified that it does not deal with any transactions related to virtual currencies.
If any transactions are identified as being related to bitcoin or other virtual currencies, @Alipay immediately stops the relevant payment services. — Alipay (@Alipay) October 10, 2019
Both OTC trades and P2P functionality have a particular significance in China, which takes a notoriously tough stance towards the trading and issuance of decentralized cryptocurrencies.
Meanwhile, the country is pursuing the development of a central government-backed digital currency, which is reportedly due for imminent launch by the People’s Bank of China.
Source: Twitter| Image: Binance