Tech Giants WeChat and AliPay Against Crypto

Tech Giants WeChat and AliPay Against Crypto

Сhinese regulators are fighting against announcements anyhow related to cryptocurrency, and giant mobile payment platforms WeChat Pay and Alipay declare to be collaborating with the government in the fight.

Taking Drastic Measures 

Five regulatory organizations in China, including the People's Bank of China and the Banking Regulatory Commission, warned against any digital currency-related fundraising and exchanging operations. 

Not long after the news was published, Tencent, the organization running WeChat Pay, named three principle measures to manage any questionable platforms that have to do with initial coin offerings (ICOs) and cryptos. 

Tencent will restrict any crypto-related WeChat transactions and conduct both constant monitoring of transactions and risk assessment of any suspicious transactions. 

In the meantime, Alibaba Group member Ant Financial, which owns Alipay, said that relying on the circumstances, it will limit or permanently ban personal Alipay accounts associated with digital money.

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