Binance Accepting Fiat Deposits Through AliPay, WeChat

Thursday, 10/10/2019 | 08:33 GMT by Arnab Shome
  • The company did not partner with the companies to roll out the service.
Binance Accepting Fiat Deposits Through AliPay, WeChat
Finance Magnates

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.

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

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 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 , 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.

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.

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

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 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 , 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.

About the Author: Arnab Shome
Arnab Shome
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Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.

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