Binance, a leading crypto exchange has begun accepting fiat deposits through two major Chinese payment gateways. A Twitter user unveiled this news through a tweet on October 9, noting that the exchange had started accepting deposits through WeChat and AliPay.
The Twitter user tweeted,
— Haiyi(Celine) Lu (@CelineLu7) October 9, 2019
In response, Binance’s CEO, Changpeng Zhao confirmed that the exchange had indeed started accepting fiat deposits through AliPay and WeChat. However, he was quick to point out that the exchange had not made ties with the payment firms to integrate this new payment option.
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
Binance’s Growing Interest in the Chinese Market
According to a report, Binance’s decision to add these payment gateways seeks to capture the Chinese market. Per Statista, WeChat has an average of 1.1 billion active daily users. On the other hand, AliPay has a user count of more than 900 million.
The exchange added support for these two firms after rolling out a peer-to-peer P2P platform for trading several leading coins against the Chinese yuan (CNY). These include bitcoin (BTC), ether (ETH) and tether (USDT). At the moment, the P2P platform is only available for Android users. However, Binance seeks to avail it to iOS and web interface users as well. Zhao noted that the exchange would also expand this service to other regions.
Apart from this, a report unveiled that Binance sought to launch a fiat-to-crypto OTC trading platform before the end of this month. Yi He, Binance’s co-founder and CMO unveiled this news on September 17. Per the report, this platform would target the Chinese market and would support the Chinese renminbi only. The exchange’s move to launch an OTC trading platform in the Asian country comes after a surge in OTC trades saw it make approximately $80 million in profits in Q1 this year.
This news comes after WeChat and AliPay allegedly sent a legal notice to Huobi for using their logos on its payments page. According to a report, the exchange, which happens to be Binance’s competitor, had used the firms’ logos without seeking explicit permission. Apart from sending Huobi the legal notice, the firms also requested that the exchange remove the logos from its payments page.
However, Huobi refuted these claims, noting that it had not received any letter. The exchange added that the use of the logos was for showing a payment link.
Do you think Binance’s decision to accept fiat deposits through WeChat and AliPay will help onboard more Chinese citizens onto the crypto bandwagon? Let us know in the comments below.