RATE Group | Regulatory ‘Gray Area’ in China
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Regulatory ‘Gray Area’ in China

19 Oct Regulatory ‘Gray Area’ in China

Posted at 14:10h in Bitcoin News by

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Earlier in October 2019, Binance announced a fiat on-ramp for crypto trading via Chinese payment services Alipay and WeChat. This move was part of the exchange giant’s peer-to-peer (P2P) trading rollout for Bitcoin (BTC), Ether (ETH) and Tether (USDT) against the Chinese yuan.

The public nature of this announcement did bring questions to the fore regarding the use of payment channels like Alipay and WeChat for crypto trading. Alipay did, in fact, release statements distancing itself from cryptocurrency trading activities, with Binance later clarifying that it wasn’t working directly with the aforementioned payment services.

Meanwhile the evolving narrative around the situation speaks to the legal status of Bitcoin and cryptocurrencies in China. Even with a trading ban in place, there are whispers of a booming P2P trading arena, with authorities in Beijing seeming to adopt a “see no evil, hear no evil, speak no evil” approach.

However, whenever these reports do make it…

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