The leading global cryptocurrency exchange Binance is now accepting fiat through Chinese-based mobile and online payment platform Alipay and Chinese messaging and mobile payment app WeChat, according to the tweet of Binance CEO Changpeng Zhao on October 9.
Currently, bitcoin-to-fiat trades are only available.This step follows the implementation of Binance’s peer-to-peer trading for Bitcoin (BTC), ethers (ETH) and Tether (USDT) against Chinese Yuan (CNY). The service will initially be available to Android users who already have Binance accounts with at least 30 days.
Cryptocurrency industry has been under heavily scrutiny from the Chinese government since 2017. Back in September 2017, the Chinese authorities implemented a raft of stringent regulations that severely restricted cryptocurrency activities. This included a ban on Initial Coin Offerings and fiat to Bitcoin exchanges. However, Chinese companies remain the largest mining equipment suppliers.
As previously reported, Binance teamed up with payments processor Koinal for enabling debit and credit card purchases for cryptocurrencies. Binance users can now purchase five cryptocurrencies – bitcoin, Bitcoin Cash, ether, Litecoin, Ripple – with Visa and MasterCard debit and credit cards, as well as via wire bank transfers.