Alipay, WeChat crack down on crypto purchases
Ant Financial and Tencent are taking measures to monitor cryptocurrency transactions on their popular mobile wallet platforms in light of the Chinese government’s recent crackdown on cryptocurrency-related fundraising and trading activities.
Tencent last week released a statement highlighting the measures it will take to prevent cryptocurrency transactions on its popular WeChat platform.
The statement said Tencent has taken “remediation measures” on WeChat including prohibiting use of payment for virtual currency transaction collection and the real-time monitoring of daily transactions.
Ant Financial, which owns Alipay, said in a televised interview that it will also take measures to restrict or permanently ban accounts in any cryptocurrency activity.