Binance Accepting Fiat Deposits Through AliPay, WeChat

Crypto exchange Binance is accepting fiat deposits via two major Chinese payment gateways - WeChat and AliPay.

First disclosed by a Twitter user on Wednesday, Binance’s CEO Changpeng Zhao was quick enough to confirm the exchange’s move.

YES https://t.co/dnHKQSLvS4

— CZ Binance (@cz_binance) October 9, 2019

Zhao also detailed that the crypto exchange is not directly working with WeChat and AliPay for the integration of the new payment support.

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.

Still not a small feat. But words/meaning get twisted as they are passed around. https://t.co/uQ8KmD1TQB — CZ Binance (@cz_binance) October 9, 2019

Move to capture the Chinese market

Binance’s move to add these two companies is justified as both are mammoths in the Chinese market. Messaging giant WeChat has over 1.1 billion of daily active users, per Statista, while the user count for AliPay, the Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term arm of Alibaba, surpasses 900 million.

Earlier this year, both AliPay and WeChat sent legal notice to Binance’s competitor Huobi for using their logo at its payments page without taking explicit permission.

The support was added after Binance launched a peer-to-peer (P2P) platform for trading Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, Ether, and Tether against the Chinese yuan (CNY). Currently, the P2P service is limited to the Android application users, but the exchange has plans to expand it for iOS and web interface users as well.

The Malta-registered exchange is also considering to open an over-the-counter (OTC) desk to facilitate crypto trading with Chinese fiat.

Meanwhile, Binance is also expanding aggressively in most of the major markets in the world. It recently opened up the registration process on its upcoming fiat-crypto exchange for US-based customers.

It also rolled out a crypto lending service with three digital currencies - USDT, ETC, and BNB - and recently added stalking services to its wallets.

Can users really deposit fiat?

After 24 hours of Zhao's confirmation, Alipay took to Twitter to deny any such fiat deposit support for crypto trading.

NO, you cannot. https://t.co/J0YMTz3FZW

— Alipay (@Alipay) October 10, 2019