Alibaba restricts OTC trading cryptocurrencies


Administration of mobile payment application Alipay from Alibaba company cooperates with the Chinese government to identify accounts that are used to purchase cryptocurrency. Against violators of the ban on trade of digital assets will be taken penalties.

Press Secretary Alipay said in an interview with the following:

“Our firm monitors all trading activities of other users. If employees find transactions that, in their opinion, relate to the purchase of virtual currencies, they freeze the cash transfers and block the account of the offender”.

Another popular payment service of WeChat Pay from Chinese Internet giant Tencent also locks accounts suspected of cryptocurrency trading. Moreover, the social network WeChat remove all publications which offer services for the sale of digital assets or participation in ICO.

A ban on the cryptocurrency activities, including the holding of ICO, was adopted in China in September 2017. The government is closely monitoring the implementation of the normative act as private persons, and business. Apparently, the Chinese are much less likely to break the law because they risk losing their money and access to accounts, payment services.

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