bitcoin, bitcoin price, Binance, Alipay, image

The chief executive of Binance had claimed the new platform could open up bitcoin trading to the Chinese market.

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Earlier this month, Binance launched a peer-to-peer bitcoin and crypto trading platform in China, with the Binance chief executive Changpeng Zhao, often known simply as CZ, boasting some 1.4 billion people in the country could begin using it.

Users of the platform in China are able to buy bitcoin, ethereum and the stable coin tether with China’s yuan currency.

However, shortly after the announcement, Alipay hit back at CZ’s suggestion it could be used to buy bitcoin on the new platform.

“If any transactions are identified as being related to bitcoin or other virtual currencies, Alipay immediately stops the relevant payment services,” the payments company, which has some 900 million users, said via Twitter.

Elsewhere, other peer-to-peer bitcoin and cryptocurrency marketplaces, such as LocalBitcoins, have remained popular with Chinese bitcoin buyers since the 2017 ban.

Binance’s attempt to prize open the Chinese bitcoin market comes as crypto exchanges suffer a sharp downturn in trading volumes, with the slump being described as “dismal.”

The Malta-based Binance has taken aim at global expansion this year, launching in the U.S. and offering margin trading and bitcoin futures.

Meanwhile, the Chinese government is thought to be developing its own bitcoin rival along with partners including some of the country’s biggest banks, technology company Tencent, and Alipay-owner Alibaba.

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Bitcoin and cryptocurrency exchanges have been effectively banned in China since 2017, though that hasn’t stopped people trading bitcoin between themselves in the country.

The bitcoin price, which has more than doubled this year despite a recent downturn, remains hugely dependent on the Chinese trading market with China thought to have accounted for over 90% of all cryptocurrency trading volume before the ban.

Now, bitcoin exchange giant Binance, the largest cryptocurrency exchange in the world by volume, has clashed with Alibaba-owned China payment platform Alipay over its new China peer-to-peer bitcoin trading platform–which Binance had hoped could bring in a new wave of bitcoin buyers.

Earlier this month, Binance launched a peer-to-peer bitcoin and crypto trading platform in China, with the Binance chief executive Changpeng Zhao, often known simply as CZ, boasting some 1.4 billion people in the country could begin using it.

Users of the platform in China are able to buy bitcoin, ethereum and the stable coin tether with China’s yuan currency.

However, shortly after the announcement, Alipay hit back at CZ’s suggestion it could be used to buy bitcoin on the new platform.

“If any transactions are identified as being related to bitcoin or other virtual currencies, Alipay immediately stops the relevant payment services,” the payments company, which has some 900 million users, said via Twitter.

Elsewhere, other peer-to-peer bitcoin and cryptocurrency marketplaces, such as LocalBitcoins, have remained popular with Chinese bitcoin buyers since the 2017 ban.

Binance’s attempt to prize open the Chinese bitcoin market comes as crypto exchanges suffer a sharp downturn in trading volumes, with the slump being described as “dismal.”

The Malta-based Binance has taken aim at global expansion this year, launching in the U.S. and offering margin trading and bitcoin futures.

Meanwhile, the Chinese government is thought to be developing its own bitcoin rival along with partners including some of the country’s biggest banks, technology company Tencent, and Alipay-owner Alibaba.

(Excerpt) Read more Here | 2019-10-17 07:29:58
Image credit: source

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