Bitcoin Ducks China Ban Through Binance via AliPay and WeChat Pay

Journalist:
Joseph Young @iamjosephyoung
October 9, 2019

According to Binance CEO Changpeng Zhao, investors in China can now purchase cryptocurrencies like bitcoin using local payment processors like AliPay and WeChant through Binance.

The confirmation of AliPay and WeChat integration by Zhao comes a month after the announcement of Yi He, the co-founder of Binance, of a fiat-to-crypto over-the-counter trading platform launch in China.

The addition of AliPay and WeChat options comes in conjunction with the launch of Binance’s P2P trading functionality for Android users, which likely eliminates jurisdictional restrictions that makes the fiat on ramps possible.

“Binance has launched P2P trading functionality with BTC, ETH and USDT available for trading against CNY (Chinese Yuan). Access to P2P trading will be initially provided to Android users (Version: 1.12.1) that have Binance accounts registered for over 30 days,” the Binance team said.

By targeting the OTC and P2P markets that have been largely dominated by exchanges like Huobi and OKEx throughout the past two years, Binance is expected to gradually expand its services into the Chinese market.

CCN has reached Binance for comment and will update the article as the story develops.

This article was edited by Samburaj Das.

Tags: BitcoinChina
Joseph Young @iamjosephyoung

Hong Kong-Based Finance Analyst. Contributing regularly to CCN and Hacked. Providing unique insights into the fintech space since 2012.