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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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards