Alipay slams Binance with Crypto Ban

[Danumsigwasan]

Alipay, the mobile payment giant has slammed Binance with their latest reiteration of their long standing ban on cryptocurrency transactions.

The story began when Binance announced they would be accepting payment for Alipay and Wechat on October 8th. The founder of Binance, Changoeng Zhao, said on Twitter when a user asked if they can use Wechat and Alipay on Binance, he replied with a yes.

Alipay, whose parent company is Alibaba, was forced to take to Twitter to set the record straight and replied to Zhao’ tweet saying, “NO, you cannot.”

https://twitter.com/Alipay/status/1182244458730901504

After this they put a link to their main tweet on the issue, which said:

“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. If any transactions are identified as being related to bitcoin or other virtual currencies, @Alipay immediately stops the relevant payment services.”

Changpeng Zhao, who is from China, had put some clarity on his comments but that did not stop the embarrassing tweet from Alipay. He said that Wechat and Alipay were not officially working with the two mobile payment giants, and that instead of buying crypto with the sites, you can instead do peer to peer transactions.

A little later, Wechat also responded. Dovey Wan quoted the post from Weibo, with her tweet saying:

https://twitter.com/DoveyWan/status/1182263603933544448

“wechat pay also followed up with an announcement to reassure “wechat will never support cryptocurrencies trading, and has never integrated with any crypto merchant

And it says “we welcome any whistle blower to report such behavior””



The move from Alipay reiterates an increasing pressure from authorities in China. According to Dovey Wan, the police are cracking down on over the counter trading (OTC) and it seems that Alipay has seen this and looked to distance themselves from Binance. Her tweet read:

“Alipay officially reaffirmed its “Prohibition of cryptocurrency OTC trading” on its Weibo today (auto translation below)

Starting from Aug, China OTC market has been slowing down quite a bit due to various actions taken by both payment channels and local police.”

https://twitter.com/DoveyWan/status/1182253437120991232

Whatever the case may be, it is clear that this is yet another PR disaster for Binance and Zhao. The rejection and a frim one at that from Alipay is very telling. Maybe the Chinese market is not available for Binance or others?

That would seem unlikely, especially with a willing Chinese public and developments in the industry. Binance on its peer to peer network for Bitcoin (BTC), Ether (ETH) and Tether (USDT)  has put it alongside the Chinese yuan (CNY) meaning there is another outlet for Chinse nationals looking to get into trading.

Source of article: https://www.coinblaze.us/alipay-slams-binance-with-crypto-ban/

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[Candycrush1129]

Good, this is the right step in the right direction!

[rosezionjohn]

This is just another marketing stunt from CZ and Binance. They knew very well that Alipay and WeChat will come out with guns blazing once they found out about the wrong information. It's done in bad taste but it was still effective. Now many Alipay and WeChat followers know about Binance platform in China.

[pishite]

That's interesting. they say the Chinese prefer usdt than bitcoin.
I understand that this is also a cryptocurrency, but most likely alipay, wechat only track transactions in popular cryptocurrencies.
And no one prevents the Chinese from using the same usdt for trading on the stock exchange Binance.

[Andrew Parker]

Well, I have never had any positive experience with Binance so I do not care. And they are not something I even want to talk bout!

[FantasyGold]

Binance is a confused party, directionless lot!

[Freddy11]

Great! Alipay is on the right side by making this move!!!

[KYCbench]

Why am I not surprised? It is China, isn't it?

[BlokbizICO]

This development is all very much seems like Binance trying to get cheap attention...

[ChainCreator]

A whole mess, this is what I can call this, absolutely senseless!

[Javi_Anibarro]

Why am I not surprised? It is China, isn't it?

It is more like it is Cz, is not it? Remember when Binance was hacked and then Cz was talking about reorg?
China always remains the same, they are banning cryptocurrency and any transactions related to it from the start. But this guy kept doing this, this is expected to happen.

[EdvinZ]

This is just another marketing stunt from CZ and Binance. They knew very well that Alipay and WeChat will come out with guns blazing once they found out about the wrong information. It's done in bad taste but it was still effective. Now many Alipay and WeChat followers know about Binance platform in China.

I like your theory, dirty PR works very well. According to statistics, people are more interested in all sorts of scandals and incidents than good news. The conflict between Binance and Chinese payment aggregators has definitely drawn people's attention to the cryptocurrency exchange. People will find a way to buy Bitcoins on Binance and without Alipay and Wechat.

[ansi]

Actually it was a silly move form CZ tweeting that with just" YES ", that was plain misleading & jut kin of black hat marketing of his Binance.

AliPay did great by responding to him the same exact way " No, You Can Not ". We ll know China is making it really hard for crytos. AliPay just made that plain clear & direct " No, You Can Not " just to avoid the complications of that adolescent CZ Binance tweet.

This reminds me of CZ once (no so long) when he said " Buy BNB, good news are coming"  (when he was referring to that lending program of Binance)

[Murat]

This is not a great move by Binance. They should ask their CEO to be more professional. How could a top exchange do like that? if it was a marketing stunt then it was a poor choice. it's like doing something awful to get in media. I don't recommend it at all. Binance behavior this year was very untrustworthy. (Scrolling back the block) Yet they come up with another false hope. This may help them get more attention from Chinese people but would anyone with real money (Mean serious amount of cash) will be able to trust an exchange in which CEO tweets false news? In my opinion, Alipay did the right thing and Binance was somewhat in bad situation after getting slapped like that publicly. It's like Justin sun from ton making an announcement without having anything in the back. I think it's time for Binance to ask their CEO to be more professional otherwise it would hurt the exchange in the long run. They should come up with new marketing ideas instead of this.

[tsaroz]

This is not a great move by Binance. They should ask their CEO to be more professional. How could a top exchange do like that? if it was a marketing stunt then it was a poor choice. it's like doing something awful to get in media. I don't recommend it at all. Binance behavior this year was very untrustworthy. (Scrolling back the block) Yet they come up with another false hope. This may help them get more attention from Chinese people but would anyone with real money (Mean serious amount of cash) will be able to trust an exchange in which CEO tweets false news? In my opinion, Alipay did the right thing and Binance was somewhat in bad situation after getting slapped like that publicly. It's like Justin sun from ton making an announcement without having anything in the back. I think it's time for Binance to ask their CEO to be more professional otherwise it would hurt the exchange in the long run. They should come up with new marketing ideas instead of this.

Surely that was a wrong move from CZ. Alipay and Wechat are already being used for P2P crypto trading in China and the binance's involvement would further make it difficult as the platforms would start seriously looking into suspicious transactions and make it more difficult to trade P2P with alipay and wechat.

[jsizar]

Mass adoption dont happen heh

[X-ray]

Why am I not surprised? It is China, isn't it?

It is more like it is Cz, is not it? Remember when Binance was hacked and then Cz was talking about reorg?
China always remains the same, they are banning cryptocurrency and any transactions related to it from the start. But this guy kept doing this, this is expected to happen.

Well it seems that alipay just dont want to have their name mentioned when it comes to cryptocurrency let alone CZ which is Binance CEO saying loudly in public that alipay can be used for buying BTC which is quite contradicted with the regulation that the company obeys.
If there's someone to blame it's definitely CZ for making such mistakes and the following explanation literally doing nothing other than self justify or making an excuse although I'm against such idea of prohibiting buying btc.

[electronicash]

they both gained from this stunt if it were a marketing stunt. users who are yet not in crypto but are in alipay must have started asking how to do it and probably the ones in crypto also asks how to buy using alipay. crazy stuff act but remember that they are brothers who could have arrange things better but  even so its still a fuckedup stunt.  

[dfktynby1004]

I believe that this is a grand plan of CZ to capture the Chinese cryptocurrency market. Gradually such decisions should be made and I am glad that after this situation a huge number of Chinese residents became interested in Binance. This incident benefited BNB and had a good impact on the price.

[Patrix_1]

I believe it was made from Binance CEO to attract more attention. We all know that one day crypto will get mass adopted and even Alipay will use blockchain in the nearest future. But for now, it was a nice try from CZ.