Binance Now Excepting Fiat Through WeChat And Alipay
By Jamie Green – Crypto Expert
Binance is now excepting fiat through WeChat and Alipay, officially welcoming peer-to-peer crypto transactions. Coming after the September announcement, this move hopes to add over-the-counter (OTC) trade options for fiat on-ramp to buy cryptocurrency through the platform.
The move was first disclosed on Twitter and then later confirmed by Changpeng Zhao, CEO of Binance on Wednesday. Currently, Bitcoin to fiat trades are available right now.
Zhao made the following comments on Twitter:
“Some confusion by some news outlets. @Binance is not working directly with WeChat or Alipay. However, users are able to use them in P2P transactions for payment.”
Zhao describes this as no small feat, but words can get twisted. This will make Binance one of the only major exchanges with this service to buy Bitcoin.
According to Statista, WeChat has over 1.1 billion active users online today, making it one of the largest social media platforms in the world. According to China Daily, payment application Alipay has over 900 million users as well, granting huge exposure for the exchange to draw users in to buy and sell cryptocurrency.
Ever since the Peoples Bank of China banned cryptocurrency exchanges in 2017, P2P trading has surged all over the nation. CoinDesk earlier reported this year that P2P exchange Hodl Hodl had reprogrammed its security defenses in order to evade China's Great Firewall and allow Chinese residents to buy and sell Bitcoin.
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