Alipay officially confirmed yesterday that the company was committed to cracking down on all over-the-counter (OTC) cryptocurrency transactions on its platform.firmed yesterday that the company was committed to cracking down on all over-the-counter (OTC) cryptocurrency transactions on its platform.

NO, you cannot. https://t.co/J0YMTz3FZW

— Alipay (@Alipay) October 10, 2019

Alipay’s public stance eventually forced the Binance CEO to issue a clarification saying the exchange didn’t have a direct relationship with Alipay and WeChat, adding that Binance users could use these platforms only for P2P transactions.

Rumors of political corruption between Chinese officials and Binance?

Amid all these developments, Larry Cermak, Director of Research at The Block, took to Twitter claiming that a lot of shady deals go under the radar in China’s cryptocurrency space. He alleged that companies like Alipay and WeChat are well aware of the fact that OTC Bitcoin transactions are rampant on their respective platforms.

Per their official policy, Alipay and WeChat should freeze any account found to have indulged in cryptocurrency transactions. However, according to Cermark, exchanges can easily circumvent this ban by using political sway to pull strings in the government.

While he didn’t name any exchange in particular, Cermark did mention that at least some of the larger Asian cryptocurrency exchanges have what he calls “dedicated unfreezing teams.” The job of these teams is to use their government connections to persuade Alipay and WeChat to unfreeze their clients’ accounts.

Caught again red handed Changpeng Zhao responded to Cernark in a weird “mafioso” style.

Something are better left unsaid. Recommend no more news like these, for the sake of the people, our industry (and your business).

Showing that Cermark hit a hotspot that made Changpeng sensitive. What would TheBlock & journalist business has to do with his corruption?

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