Ant Financial, Tencent to Bolster Checks of Accounts Involved in Crypto Trading

Ant Financial, Tencent to Bolster Checks of Accounts Involved in Crypto Trading

Ant Financial, Tencent to Bolster Checks of Accounts Involved in Crypto Trading

The Coin Telegraph reports that Alipay has taken the decision to closely observe suspicious accounts and also install an inspection system for key websites and accounts in order to prevent further OTC trading incidents on the payment platform. Ant Financial reported in an interview with Beijing News that they would be "beefing up" its efforts to regulate and monitor the accounts of both merchants and customers operating on the Alipay app, which helps to facilitate trade in a variety of different industries. Alipay is also planning to educate its users about the risks involved in cryptocurrency trading.

As the Chinese clampdown of cryptocurrencies has increased over past week, Alipay the largest payment application in China has come forward and has officially banned over-the-counter (OTC) Bitcoin trading, prohibiting traders from utilizing Alipay accounts to initiate digital asset trades.

Along with restricting such accounts, Ant Financial added that it will create a "risk prevention education" module for its users, in a bid to "remind users not to be deceived by various false propaganda, to recognize the risks of virtual currency transactions, and to avoid the possible losses suffered".

Many popular accounts distributing information on blockchain, such as Jinse Finance, Tokenclub, Bishijie and Huobi News, violated rules governing communication tools for public information services, Tencent said in a statement previously.

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Yet although Conte led Chelsea to the title in 2017 after switching to five at the back, Sarri will not be following suit. It showed against Arsenal, which poured forward in the first half and created a string of chances.

Its a notable move, Chinese citizen have rapidly adopted the technology.

Alipay isn't the only financial transaction firm that is monitoring online transactions.

PBOC has talked a couple of times to third-party payment platforms including Tenpay and Ant Financial, ordering them not to offer any services related to virtual currencies such as BitCoin. After China restricted every single commercial event including ones related to with digital currencies, it has gone ahead and has blocked in excess of 124 overseas crypto exchanges that are putting forth trading services to Chinese residents.

Following the crypto ban a year ago, local crypto exchange operators shifted their businesses overseas but continued to offer crypto-to-fiat OTC trading.

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