Alipay Denies Binance Fiat-Crypto On-Ramp

Binance revealed this week that it had enabled Chinese customers to by Bitcoin through WeChat and Alipay.

However, as the news is about settling down, Alipay has come out to refute the claim.

The crypto market leader also stated that it would henceforth stop bitcoin and other crypto transactions via its payment platform. It appears that there is a breach somewhere between the two companies.

Competition seems to be the critical factor

As far as the currency markets go, the crypto market is still very young. That explains why there is an arms race among different crypto stakeholders.

There is always competition for trading platforms, crypto exchanges, and other related services.

Each company is looking to claim as much market as they can claim, which makes things a bit tough in the market.

On several occasions, some exchangers have gone too far to gain a fair share of the market.

Others are employing different methods, both ethical and unethical, to cone out the market from the other.

And it seems the swinging and stealing business is at play here again.

Binance, in particular, has been accused of this type of strategy. The company has a long history of ripping off the market from competitors.

And the stern response of Alipay is a result of both past and current dealings.

Chinese Government influencing AliPay

In an attempt to grow its revenue from the Chinese market, the company decided to offer support for two new fiat on-ramps.

Their attempt to use the payment platform Alipay and a messenger service WeChat has failed.

The crypto community was looking for confirmation via the Binance Twitter page.

When the response eventually came from Binance CEO Changpeng Zhao, a counter-response came from the Alipay tweeter page moments later.

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. [cont'd…]

— Alipay (@Alipay) October 10, 2019

Alipay also mentioned that it had received several reports that the company is aligning with Binance for Bitcoin transactions.

It reiterated that the company monitors irregular behaviors and has not approved the use of their payment platform for cryptocurrencies.

They monitor each transaction, and they are going to stop any transaction related to Bitcoin or other cryptocurrencies.

According to Dovey Wan, a crypto influencer, the Chinese government may be putting pressure on Alipay to avoid bitcoin transactions or other related cryptocurrency transactions.

With this development, Binance may have to look elsewhere to convince more Chinese consumers to start using Bitcoin.

Binance still leads while others chase

Binance became known in the market towards the end of 2017. Within two years, the company has overtaken many and become the leader of the pack.

It has continued to bring innovative and trending ideas that are often copied by other competitors.

There’s no doubt that Binance has introduced some features in the market today that other competitors find very useful.

The company has always been at the Zenith of competition since its inception.