The messaging application WeChat and the online payment platform Alipay have suspended crypto services following the Chinese governments efforts in choking out cryptocurrency activity.
China has recently been clamping down on crypto activity, blocking internet access to exchanges and increasing enforcement on their ban on trading. In response, Alipay and WeChat have ceased offering crypto trading services.
Tencent, the parent company of WeChat, released a statement amounting to a complete moratorium of crypto trading using their platform, including active monitoring to restrict any crypto related activity on their messaging application.
Likewise, Ant Financial, who owns Alipay, announced in an interview with Beijing News that they are taking active measures to prevent any trading of cryptocurrency of any kind on their payment channels.
These moves are clearly a direct response to the Chinese crackdown, given that the CEO of Ant Financial previously stated that crypto “the cornerstone of trust for the digital society in the future.’
With Chinese crypto mainstays getting out of the digital trading game, Chinese’s crypto future is increasingly tenuous.