Binance launches P2P trade in China with support for Alipay and Wechat
The Binance cryptocurrency exchange has launched peer-to-peer trade in China. The platform admits that operators carry out transactions between them using the dominant Chinese payment applications Alipay and Wechat Pay. The news of the matter forced Alipay to publicly announce that it will stop the transactions if it is discovered that they are related to the cryptocurrency.
Binance launches P2P trade in China
Binance, the world’s largest volume-based encryption exchange, has announced that it has launched peer-to-peer trading functionality with BTC, ETH and USDT to operate against CNY (Chinese Yuan). Access to P2P trading functionality will initially be provided only to Android users who have registered Binance accounts for more than 30 days, but the company promised that it will slowly launch this service to iOS users and web interface in the future.
Changpeng Zhao, CEO of the exchange, revealed on Twitter that they are starting with China so that 1.4 billion people can use the new P2P functionality and will soon expand the service to other regions. In response to a question from a user who noted the option of selecting Alipay and Wechat Pay as payment methods for the service, Zhao confirmed that the popular Chinese applications are compatible for users to pay each other without the direct participation of the company .
The Chinese use payment applications to avoid bans
As anyone who has visited China in recent years can attest, Alipay and Wechat Pay dominate the local payment market. These two applications can be used virtually anywhere in the country and you will see your QR codes anywhere, from street vegetable vendors to high-end luxury retailers. Chinese consumers are so accustomed to paying with their mobile phones that many do not bother to have credit cards or cash and, in general, China has jumped to the rest of the world in terms of moving to a cashless economy.
With Alipay and Wechat Pay being so frequent in China, it is not surprising that they are also popular among cryptocurrency investors in the country. However, there is also another important reason for that: people use them to avoid government bans to send money to exchanges and ICOs. Of course, this is a very sensitive issue and payment applications will never confirm that they know this is happening. In fact, following the reports of the Chinese who use P2P transactions to avoid bans, Alipay has come out to claim that they are monitoring transactions to stop cryptocurrency-related businesses.
Innovation in new technologies, have a lot to do, with the possibilities of offering users facilities to exchange value, blockchain-bitcoin technology has the potential to jump the walls imposed by governments, the hegemony of the financial system that is known until today it can change, the facilities and transparency of a third in discord will no longer be lacking in the near future. It is expected by new announcements.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.