Binance’s CEO, CZ, has just confirmed what several users have hypothesised this morning: Binance will use WeChat and Alipay to provide two different channels for buying bitcoin (BTC) in China.
The news immediately made its way around the world and the BNB token reached $17.48, an increase of 8.7% in the last 24 hours.
Following a tweet from the @CelineLu7 account, which shows that the integration with Alipay and WeChat is actually already active, Changpeng Zhao confirmed it by responding to the tweet. Currently, this service is only available in the test phase for some Android users.
As always, after a first trial period, two more versions will be released: one for the web and one for iOS. Thanks to this integration with WeChat and Alipay, Binance officially allows P2P trading. Worth mentioning is that since 2017, cryptocurrency trading is still prohibited in China.
Currently, the only available methods that allow residents to trade cryptocurrencies are the use of peer-to-peer platforms or take advantage of OTC (over the counter) services. Huobi and OKEx are the only two exchanges that facilitate this type of transaction by using a P2P system.
On May 7th, the same WeChat had banned all forms of payments towards cryptocurrency trading platforms and has already been committed for some months, alongside Alipay, to work with government agencies in order to monitor all crypto transactions. In particular, WeChat Pay had pointed out that it would monitor all flows of illegal traffic, to effectively avoid the problems associated with the use of cryptocurrencies.
At the moment, however, it seems that there has been a strong change in the mindset of the two companies, which are working with Binance for the development of the crypto ecosystem, mainly related to purchasing bitcoin (BTC) in China.