Alibaba's payment app will restrict over-the-counter cryptocurrency trading Alibaba's payment wing Ant Financial will work with Chinese regulators to stop individual-to-person cryptocurrency trading on its mobile app. CoinDesk writes about this with reference to local media.

Alibaba's payment app will restrict OTC cryptocurrency trading

Alibaba's payment arm Ant Financial will partner with Chinese regulators to stop cryptocurrency trading between individuals on its mobile app. Writes about this CoinDesk with reference to local media.

Ant Financial will henceforth pay special attention to merchant and consumer accounts, as well as sites integrating Alipay payment gateways that can be used to trade cryptocurrencies over the counter, according to the Chinese Communist Party-controlled Beijing News..

“Alipay is committed to not providing virtual currency transfer services,” a spokesman for Ant Financial said. “We have followed and will closely monitor OTC trading activity. If we discover any transaction that may be associated with virtual currencies, we will take the necessary measures, including, but not limited to, stopping the transfer of associated funds and a permanent ban on accepting payments by involved accounts ".

The company did not disclose how many users have already been caught in OTC cryptocurrency trading using its tools..

Recently, it was revealed that Chinese regulators are planning to close access to over 100 overseas cryptocurrency trading platforms that continue to serve local investors..

WeChat Pay, another popular payment app in China, is also dedicated to tracking and blocking accounts that can be used to trade cryptocurrencies. After the ban imposed by the People's Bank of China last year, local traders have started to use similar apps and bank transfers to exchange cryptocurrencies among themselves..

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