Binance is now accepting fiat through AliPay and WeChat, opening up the exchange to peer-to-peer crypto transactions from China, following a September announcement concerning the exchanges intention to add over-the-counter trade options for an additional fiat on-ramp.
Although an expected development, the move was first disclosed on Twitter and later confirmed by Binance CEO Changpeng Zhao Wednesday.
For now, bitcoin for fiat trades are only available.
Binance is not working directly with WeChat or Alipay.
Users are able to use them in P2P transactions for payment.
Words/meaning get twisted as they are passed around.
One of the largest social media apps globally, WeChat currently has over 1.1 billion active users according to Statisa.
Payment application Alipay has over 900 million users as well per the China Daily.
Since the 2017 banning of cryptocurrency exchanges by the People's Bank of China, P2P trading has predominated in China.
Earlier this year, CoinDesk reported P2P exchange Hodl Hodl reconfiguring its security preferences to sidestep China's Great Firewall.
Binance Now Accepting Fiat Through Alipay, WeChat
Published on Oct 9, 2019
by Coindesk | Published on Coinage
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