Friday, 2024 March 1

Cryptocurrencies have been banned in WeChat Pay’s new service contract

Tenpay, Tencent’s payment platform that powers WeChat Pay, has amended its service contract to exclude token issuers and cryptocurrency exchanges from its client base. The adjustment comes months after the company’s row with cryptocurrency exchange Huobi, where WeChat Pay (and Alipay) asked the exchange to remove their platforms as payment options for over-the-counter crypto trading.

As the dispute unfolded, WeChat Pay sent a legal notice to the Singapore-headquartered exchange, claiming that the use of its name and logo on Huobi’s platform was unauthorized.

However, Huobi, which exited China in 2017 when the government outlawed cryptocurrency trading, denied that it had received such a notice, and said that money transfers were made between individuals who used its exchange, without Huobi inserting itself into the process.

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Jingli Song
Jingli Song
I believe Chinese innovation at various level needs to be known by the world.

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