Alipay To Take Strict Actions Against Bitcoin OTC Trader On It’s Platform

Alipay, China’s mobile payment giant has started their own crackdown of users using their Alipay accounts for OTC (Over-the-trading) Trading for Bitcoin, as stated by Beijing News website reports.

Alipay, backed by ANT Financial which itself is worth $150 billion, is currently boasting over 400 million users as of August 2017.

As per the latest reports, Alipay has started taking strict measures including restricting and in some cases block such accounts for users who are using their network for Bitcoin OTC, as well maintaining a vigilant system for “Key websites and accounts.”

This January, Beijing started a Ban row for fringe trading platforms such as peer-to-peer (P2P) and OTC resources, in addition to the country wide curtailment of Crypto-fiat trading as well as ICO’s fundraising, starting September 2017.

Co-founder of 8BTC, a Chinese cryptocurrency community , tweeted a screenshot of an announcement by Alipay, where it was explicitly stated that “Alipay is blocking accounts involved in bitcoin and otc trading”

alipay Alipay To Take Strict Actions Against Bitcoin OTC Trader On It’s Platform Screenshot 2018 08 25 04
Screenshot of the Alipay announcement

Apart from the curtail, the financial giant also plans to launch a ‘risk prevention program’ for its user base to get acquainted with the risk and fraud involved in false cryptocurrency and it’s trading.

Eric Jing, Ant Financial CEO has been vocally critical of the concept of ICO’s even going further to state that it’s based on the concept of “nothingness”.

Jing’s harsh stance, though, was only incumbent upon ICO’s and is in contrast to his stance on blockchain. Asper his statement, he “definitely expected to see the technology becoming deeply implemented into Alipay in future, eventually acting as a base protocol for the payment app.”

Interestingly, to add, ANT Financial through one it’s invested and operated firm, Kakao has shown intention of entering cryptocurrency payment sphere via Kakaopay and UPbit, south Korean cryptocurrency exchange.

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