This week, popular crypto exchange Binance revealed that it added two new fiat on-ramps for Chinese customers to buy Bitcoin, through popular peer-to-peer platforms Alipay and WeChat.
But just as word had begun to spread of the new addition to the world’s crypto market leader, Alipay is now refuting the claim and says that it will “immediately stop payment services” if the transaction is identified as being related to Bitcoin or other crypto assets.
Not So Fast, Binance, Alipay To Block Crypto & Bitcoin Transactions
The young crypto market is still an arms race for crypto exchanges, trading platforms, and other crypto-related services such as wallets, price aggregators, and more. Competition is always looking to one-up one another, and claim as much market share as they can as their own.
No crypto exchange has done a better job coming out swinging and stealing market share from the rest of the competition as Binance has. The crypto exchange exploded on the scene at the tail end of 2017, and in just two short years has grown to become the leader in the market, often bringing new, innovative features to the forefront to the crypto industry, and setting trends for others to follow.
Recently in an attempt to spread adoption and bring in more revenue from Chinese consumers, Binance added support for two new fiat on-ramps, through popular messenger service WeChat, and through payment platform Alipay.
The crypto community rejoiced, just as they do over any move Binance makes and began discussing it via Twitter. Eventually, one Twitter user tweeted at Binance CEO Changpeng Zhao looking for confirmation, which he in all caps provided.
Moments later, Alipay responded, clarifying – again in all caps – that “NO, you cannot.” They followed up saying that the payments platform provider had received “several reports” about Alipay being used for Bitcoin transactions.
Alipay explained they monitor transactions to “identify irregular behavior and ensure compliance with relevant regulations.” If any transactions were discovered to be related to cryptocurrencies such as Bitcoin, Alipay says they will “immediately” stop the payment services related to the purchase.
“If any transactions are identified as being related to bitcoin or other virtual currencies, @Alipay immediately stops the relevant payment services,” a tweet read.
Following the imbroglio, Alipay shared an official statement on their Weibo account, and loosely translated explains that the firm will “resolutely repel” any accounts suspected of “virtual currency transactions.”
Alipay may be feeling pressure from the Chinese government. According to crypto influencer Dovey Wan, the Chinese OTC market had been slowing due to payment channels and even local police taking “various actions” against crypto and Bitcoin transactions.
With Alipay clearly being so adamant about blocking users from buying crypto on Binance, will the crypto exchange need to retract their previous statement that the services are available, or can a resolution be met?
Binance Halts Trading For Unscheduled Maintenance, Funds Are SAFU
Leading cryptocurrency exchange, Binance has suspended almost all of its services, including trading, withdrawal, and deposits, to conduct unscheduled system maintenance, according to an official announcement from the exchange.
Binance Futures Not Affected
As per the notice, the services that have been paused are “deposits, withdrawals, spot trading, margin trading, P2P trading, lending, redemption, as well as asset transfers from sub-accounts, margin accounts, futures accounts, and fiat wallets.”
While trading on Binance Futures will continue working during the maintenance, no funds can be transferred between products.
Funds Are SAFU
Although unscheduled maintenance like this always has a way of causing panic among crypto traders, Changpeng Zhao has informed users that balances are intact. Funds are safe; thus, no need to worry.
According to CZ, one of the market data pushers had issues. However, no other data has been lost or corrupted apart from market data. They are currently working to resolve the problem, but it is hard to tell precisely how long the maintenance would take. They have completed roughly 5/8 of process, Zhao said. You Might Also Like:
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Users will be notified and given time to cancel their orders before trading commences, so there is no need to continuously refresh their accounts to see if trading has resumed.
“While accurate ETAs are hard to give. We will make announcements and give time for order cancellations before trading resumes at a specific announced time. No need to refresh constantly to see if trading has started,” CZ tweeted.
So far, the cryptocurrency market remains unaffected by this news as coins continue to gather positive momentum for a bull run. This could be an indication that the market is maturing, considering that Binance is the biggest crypto exchange in the world.
It’s also worth noting that Binance will waive the margin interest for today’s trades.
BINANCE UNDERGOES ‘MAINTENANCE’ – WILL CRYPTO PRICES DUMP?
- Binance Maintenence Coincides with 60M Minted USDT
- Top Trader Calls for Caution
Binance just made an unexpected announcement. The most active cryptocurrency exchange is ‘undergoing temporary system maintenance,’ which normally doesn’t bode well for crypto prices.
BINANCE MAINTENENCE COINCIDES WITH 60M MINTED USDT
Binance caught traders unaware once again today when all of a sudden it went down for “temporary system maintenance.” According to the Binance blog:
Binance has suspended deposits, withdrawals, spot trading, margin trading, P2P trading, lending, redemption, as well as asset transfers from sub-accounts, margin accounts, futures accounts, and fiat wallets. Please note that trading on Binance Futures will continue unaffected during the maintenance period.
Then, of course, Binance apologized for any “inconvenience” (something the exchange is getting very good at lately). CZ immediately took to Twitter to provide more information and calm the rising FUD.
He said that the maintenance was “unscheduled” but the team was working on it. He also reassured users for the (third?) time this week that all funds are #SAFU.
In fact, this time around, it is the spot exchange that is affected by the issue. Futures traders who were caught in positions and REKT over the weekend due to “performance issues” were luckily unscathed. The reason for this, CZ clarified, is that Binance futures has a “separate matching engine.”14 BTC & 30,000 Free Spins for every player, only in mBitcasino’s Crypto Love Affair! Play Now!
However calm traders are meant to be, Binance maintenance will likely affect crypto prices. The question is how exactly.
The sudden pause on trading on Binance happened to coincide with a fresh minting of 60M tether. Perfect timing or an uncanny coincidence? Did Binance run out of tether? Are crypto prices about to pump? Or are we in for a temporary crypto crash?
The slew of comments below the Whale Alert tweet seems to suggest that many people believe a huge pump is about to begin. But should traders be on their guard?
TOP TRADER CALLS FOR CAUTION
Whether Jacob Canfield noticed the fresh round of USDT being minted or not, TradingView’s number 1 BTC trader is calling for caution.
Binance temporarily being out of action could cause a “slight dip” with a “pump on small cap altcoins,” he said. This is typical of crypto markets after unexpected maintenance like this. Canfield warned:
The man at the top assures that trading should resume shortly. In an earlier tweet, he had said: “accurate ETAs are hard to give”. He also added that there was “no need to refresh constantly” to see if trading had begun as the exchange would let its users know.
There’s definitely no need to keep refreshing the Binance page when you can just keep your eyes on its CEO’s Twitter feed.
The latest news is that Binance will “waive everyone’s margin interests for today.” So, that’s some compensation for moving the market… But traders taking out large positions, be sure you don’t get REKT.
Binance Cloud Will Help Create More Competition Among Crypto Exchanges
Binance has grown out to be so much more than a crypto trading platform. The company now focuses its attention on cloud services to compete with existing giants.
This news is rather remarkable in many different ways.
ANOTHER INTERESTING MOVE BY BINANCE
Known as Binance Cloud, the new platform will serve as an infrastructure solution.
It will allow partners to launch digital asset exchanges which leverage Binance’s native technology, liquidity, and security.
This provides numerous advantages and will usher in a more competitive crypto trading ecosystem.
It is evident that this is an exchange-specific concept first and foremost.
For interested parties, this option can remove a lot of fees associated with setting up an exchange.
Core features include bank API integration and P2P crypto exchange services.
Additional features will be added over time, depending on client demand.
This new move will bring cryptocurrencies to more people globally.
That remains one of the core problems this industry faces in 2020 and beyond.
Finding a viable solution has proven very difficult, for obvious reasons.
Binance Cloud is a service the market has lacked for several years.
Although white-label exchange solutions exist, they are often only a part of the puzzle.
This new service offers everything one needs to be competitive from day one.