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Binance Launches P2P Trading in China With Support for Alipay and Wechat

Cryptocurrency exchange Binance has launched peer-to-peer trading in China. The platform supports traders making transactions between themselves using the dominant Chinese payment apps Alipay and Wechat Pay. News of the matter forced Alipay to publicly claim it stops transactions if they are discovered to be related to cryptocurrency. Also Read: Tether Created ‘Largest Bubble in Human History’ Claims Lawsuit Against Bitfinex Binance Launches P2P Trading in China The world’s largest crypto exchange by volume, Binance, has announced it’s launched peer-to-peer trading functionality with BTC, ETH and USDT for trading against CNY (Chinese Yuan). Access to P2P trading functionality will be initially provided only to Android users that have Binance accounts registered for over 30 days, but the company promised that it will slowly roll out this service to iOS and web interface users going forward. Changpeng Zhao, the CEO of the exchange, revealed on Twitter that they are starting with China so 1.4 billion people can use the new P2P functionality and that they will expand the service to other regions soon. In response to a question from a user who noticed the option of selecting Alipay and Wechat Pay as payment methods for the service, Zhao confirmed that the popular Chinese apps are supported for users to pay one another without the direct involvement of the company. Chinese Use Payment Apps to Bypass Bans As anyone who’s visited China in recent years can attest, Alipay and Wechat Pay dominate the local payments market. These two apps can be used virtually everywhere in the country and you will see their QR codes displayed anywhere from street-side vegetable sellers to high-end luxury retailers. Chinese consumers are so used to paying with their mobile phones that many don’t bother holding credit cards or cash and as a whole China has leapfrogged the rest of the world in terms of moving to a cashless economy. With Alipay and Wechat Pay being so prevalent in China, it is not surprising that they will also be popular with cryptocurrency investors in the country. However, there is also another important reason for that: people use them to bypass government bans on sending money to exchanges and ICOs. This is of course a very sensitive issue and the payment apps will never confirm they know this is going on. In fact, following the reports of Chinese people using P2P trades to bypass the bans, Alipay has come out to claim they are monitoring transactions to stop cryptocurrency related business. If any transactions are identified as being related to bitcoin or other virtual currencies, @Alipay immediately stops the relevant payment services. — Alipay (@Alipay) October 10, 2019 If you want to try a P2P exchange that is not limited by region, check out local.Bitcoin.com, the privacy-focused global marketplace for trading bitcoin cash (BCH). The platform lets traders choose payment methods such as bank transfer, Paypal, Alipay, Venmo, cash in person, UPI (India), cash deposit and gift cards. And unlike many exchanges that are now forcing users to send a copy of their passport or government ID to prove their identity, local.Bitcoin.com enables you to trade anonymously without any KYC. What do you think about the new offerings from Binance in China? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com. The post Binance Launches P2P Trading in China With Support for Alipay and Wechat appeared first on Bitcoin News.
Bitcoin News

Alipay and WeChat Bow to Beijing Refusing to Play With Crypto

The announcement that the world’s top crypto exchange had opened two new fiat on-ramps for China was bullish for overall adoption prospects. However, as expected the pressure of Beijing has been too much for the platforms which have already stated they will not tolerate crypto payments. China Still Hates Crypto One hand gives and the other takes, at least that is how it has seemed to Chinese crypto traders this week. As reported by Bitcoinist, Binance confirmed that it would accept payments from China’s largest two online payments platforms this week when it enabled Alipay and WeChat Pay. Combined, the two platforms have almost two billion users globally and it was hoped that this may open the doors for adoption from a massive potential market. The hunger for digital assets has not been quashed since China’s heavy handed ban on crypto exchanges two years ago. The populace is very adept at subverting the system and getting their fix of crypto and uncensored internet access. It just so happens that they will have to do this again, especially if they use the state monitored Alipay and WeChat Pay services which have already said they would not allow crypto activities. 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. 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 In other words, Alipay is bowing to Beijing, which has likely instructed it not to permit dealings with digital assets. The announcement continued to state that if any transactions are identified as being related to bitcoin or other virtual currencies, it would immediately stop the relevant payment services. After posting a resounding ‘yes’ to a question on support of the two platforms, Binance boss Changpeng Zhao clarified that the exchange is not working directly with either payments platform, and users are still able to use them for peer-to-peer transactions. China crypto observer Dovey Wan posted an official confirmation of Alipay’s anti-crypto stance found on its Weibo channel. Alipay officially reaffirmed its “Prohibition of cryptocurrency OTC trading” on its Weibo today (auto translation below) Starting from Aug, China OTC market has been slowing down quite a bit due to various actions taken by both payment channels and local police pic.twitter.com/z3ZqzyJpvn — Dovey Wan (@DoveyWan) October 10, 2019 The official response from WeChat was similar as expected and Wan managed to dig that out: Wechat will never support cryptocurrencies trading, and has never integrated with any crypto merchant … we welcome any whistle blower to report such behavior Naturally it also bows to Beijing so a similar blockade was inevitable as China shows no signs of easing its crypto angst or letting companies deal with it. The authoritarian state may intensify its crypto crackdowns as the launch of its own digital yuan approaches. Will traders in China every get a legitimate fiat on-ramp? Add your thoughts below. Images via Shutterstock, Twitter @Alipay @Doveywan The post Alipay and WeChat Bow to Beijing Refusing to Play With Crypto appeared first on Bitcoinist.com.
Bitcoinist

Binance Adds P2P Platform for Chinese Investors, Supports Alipay and WeChat

Leading cryptocurrency exchange Binance has added support for Chinese users of WeChat and Alipay, circumventing a Chinese ban on cryptocurrency exchanges by launching a P2P service that is accessible by Chinese citizens. Binance’s P2P trading capability was announced October 9, 2019, giving Chinese investors the ability to trade bitcoin, ether and tether against the Chinese yuan. Access to the service was initially limited to Android users that have had Binance accounts for more than 30 days, with plans to offer the service to iOS and web users also announced. However, amid the buzz and excitement over the news, it would seem that Changpeng Zhao, the chief executive of the exchange, caused some confusion concerning the incorporation of WeChat Pay and Alipay, two mobile payment platforms that are popular in China, into its payment ecosystem. A Twitter user, who stumbled on the feature on her trading platform, took her discovery to social media to ask whether Alipay and WeChat Pay had indeed been added to the Binance payment system. Answering, Zhao simply said, “Yes.” YES https://t.co/dnHKQSLvS4— CZ Binance (@cz_binance) October 9, 2019 P2P, Not B2B Zhao later pointed out that Binance isn’t working directly with Alipay or WeChat to make these features available.  “Some confusion by some news outlets,” he tweeted. “@Binance is not working directly with WeChat or Alipay. However, users are able to use them in P2P transactions for payment. Still not a small feat. But words/meaning get twisted as they are passed around.” He clarified that users can indeed buy bitcoin through WeChat but that buyers would pay sellers directly. For its part, Alipay clarified that all transactions that are identified as related to bitcoin or other cryptocurrencies in any way will be stopped. If any transactions are identified as being related to bitcoin or other virtual currencies, @Alipay immediately stops the relevant payment services.— Alipay (@Alipay) October 10, 2019 Since a cryptocurrency blanket ban in 2017, traders have searched for smart ways to go around the barrier and access bitcoin. For example, in August 2019, popular P2P exchange Hodl Hodl removed the Google CAPTCHA service that had been preventing Chinese traders from using its service. Binance’s P2P move is yet another attempt to give Chinese investors the chance to accrue bitcoin. The post Binance Adds P2P Platform for Chinese Investors, Supports Alipay and WeChat appeared first on Bitcoin Magazine.
Bitcoin Magazine
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Privacy-focused Brave browser boasts 8M monthly active users

Privacy-focused internet browser Brave has hit 8 million-mark in terms of monthly active users. Announcing the news on Wednesday, Brave said daily active users, on the other hand, have surpassed the 2.8 million mark. The browser, with opt-in blockchain functionality, also compensates content creators, users and advertisers in its native Basic Attention Token (BAT) for viewing online ads. Brave said it has delivered nearly 400 ad campaigns to date. The browser maker further said that it now has over 290,000 verified publishers - 200,000 of those are YouTube creators, 33,000 website publishers, 15,000 Twitch streamers and 28,000 are Twitter accounts. Brave also offers a cryptocurrency wallet for ether (ETH), ERC-20 tokens and collectibles, including BAT.
The Block Crypto

Binance CEO: BNB no longer reliant on reducing supply to increase value

Today, Binance exchange announced that they had completed their 9th quarterly BNB token burn in accordance with the token’s whitepaper. Over 2 million BNB worth around $36.7 million was burnt during this process. This is the second-largest burn of BNB tokens in terms of U.S. dollar value, trailing only behind their 2nd quarterly burn of 1.8 […] The post Binance CEO: BNB no longer reliant on reducing supply to increase value appeared first on AMBCrypto.
AMBCrypto

Crypto.com - OKEx Pool to Offer CRO Staking to Millions of OKEx Users

HONG KONG, Oct. 17, 2019 /PRNewswire/ -- Crypto.com has partnered with OKEx Pool to offer its staking service for Crypto.com Coin (CRO). The millions of OKEx users now can conveniently stake CRO and enjoy staking rewards on the OKEx platform. Crypto.com Chain is a high-performing blockchain powering the crypto payment solution Crypto.com Pay, which allows users to pay or get paid in crypto anywhere, thus driving cryptocurrency adoption globally. The Crypto.com Chain Thaler testnet (alpha version) was launched in September 2019. When the Crypto.com Chain Mainnet goes live, it will be entrusted with key roles on the network, including but not limited to: Execute settlement Order transactions Verify all transactions Provide an escrow ("Proof of Goods & Services Delivered") service ...Full story available on Benzinga.com
Benzinga

Why Satoshi Nakamoto Created Bitcoin?

Through Innovation, everyone aims at changing the plan of action and making changes in the current condition to conduct better items or services. Productive development ought to be an important piece of one's business technique, where someone can make a culture of innovation and make a way for creative thinking. It can also increase the likelihood of one's business succeeding and can create more efficient processes that can result in better productivity and performance. Innovation and creativity are what should someone have to make a difference in the world. One of the most innovative advancement today is the creation of bitcoin. As said to this article, Bitcoin has been the preeminent cryptocurrency since its inception and continues to lead all others by a significant margin. Let’s look at some of the statistics: There are nearly 18 million BTC in circulation and, with a current price of around $8,300, that puts the market cap at over $150 billion. With a daily volume of over $15 billion, Bitcoin trades more than double the next highest-ranked cryptocurrency. To see just how significant Bitcoin is on the global market, it can be useful to look at the user numbers as well. Even though the bitcoin market already reached a legendary status in the crypto world, The creator of Bitcoin has managed to remain anonymous for over a decade. Just using Satoshi Nakamoto as a pseudonym. But why did he created bitcoin and remain unknown to everyone. One of the reasons is to solve some societal problems easily, Satoshi came up with creative answers to solve certain problems in the business. Many times an individual face problems that don’t seem to go away. The answer is to think outside the box to find an answer one never come up with. This way one can make a product, a creative solution to the problems face in the market and make one's business better. Keep in mind that thinking innovatively is the easiest way to beat competitors in the market. Just like what bitcoin did, it dominates the cryptocurrency transactions and remain the number 1 cryptocurrency on the Coinmarketcap. It seems that perhaps the achievements of bitcoin it's impossible to know the true Satoshi. He has become a larger than life character; people have heaped upon him so much of their ideas about who he should be and how he should act, that no one person can live up to the idea that Satoshi has become.
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