WeChat Pay: Virtual currency transactions are not supported and will be cleared if found

According to Mars Finance, on October 10, WeChat Pay issued a statement saying that it does not support virtual currency transactions and has never opened virtual currency category merchants to access. If any use of WeChat Pay for virtual currency transactions is found, it will be cleared.

The full statement is as follows:

“WeChat Pay does not support virtual currency transactions, and has never opened virtual currency merchants to access. If any use of WeChat Pay for virtual currency transactions is found, it will be cleared and processed. At the same time, users are welcome to report, and we will resolutely cooperate in cracking down in accordance with relevant regulatory regulations. We will resolutely protect the legitimate rights and interests of customers, prevent and control financial crimes, and maintain the order of the financial market.”

Earlier today, Alipay issued a statement reaffirming its attitude towards virtual currency over-the-counter transactions, stating that it is prohibited to use Alipay for virtual currency transactions. Alipay said that if it is found that a transaction involves Bitcoin or other virtual currency transactions, Alipay will immediately stop the relevant payment services; for merchants involved in virtual currency transactions, they will be resolutely cleared; for personal accounts suspected of virtual currency transactions, according to the circumstances, measures such as limiting the account's payment function or even permanently restricting payment collection will be taken.

On October 9, Binance announced the launch of OTC trading. Binance CEO Zhao Changpeng said that users will soon be able to use WeChat Pay and Alipay to buy cryptocurrencies. The statement from Alipay and WeChat Pay is suspected to be a response to this matter.