Alipay And WeChat Have Successively Sent Letters Requesting Huobi To Remove OTC Payment Channels.

Last weekend, there were reports that Alipay and WeChat sent legal letters to Huobi, requiring them to remove relevant OTC payment channels and stop using their trademarks.

Recently, the media also exposed a document issued by China UnionPay at the end of 2018 on strictly prohibiting the provision of payment services for illegal transactions. The document announced 27 Internet lottery sales platform URLs and 25 virtual currency trading platforms. Member institutions are required not to provide services for illegal transactions in any form and to conscientiously carry out comprehensive self-examination and rectification work. If the investigation discovers the existence of illegal transaction payment services such as Internet lottery sales platforms, token issuance financing, and virtual currency trading platforms, cooperation should be stopped immediately.

On the afternoon of January 29, reporters found on Huobi’s official website that most of its fiat currency transactions, whether ordinary transactions or large transactions, are still Alipay and WeChat Tenpay.

The reporter asked Huobi for confirmation on the lawyer’s letter. The relevant person in charge of Huobi said: "We do not have any form of official cooperation with Alipay and WeChat Pay. All transfers between users are point-to-point personal behaviors of users and involve the logo of the relevant payment platform. This link is for use only." In order to express The purpose of payment is not to promote the company's products or services, which is a common practice in the industry. We understand the position of the relevant parties and will strictly abide by the relevant regulations on trademark use and severely investigate and punish the use. "

Tencent told reporters that WeChat does not provide transaction support for related virtual currencies. As for the WeChat payment icon shown in the screenshot, it is a platform-independent behavior. Tencent is sending a letter to communicate with it and request it to be removed from the shelves.

Tencent also said that in January 2018, we issued the statement "Tencent: Put an end to illegal financial activities of "virtual currency"", clearly stating that we resolutely crack down on "domestic and overseas ICO token issuance" and other illegal financial activities and virtual currency transactions." Not provided The principles of related services include not providing related payment channels, advertising services and other businesses. We will take corresponding measures as soon as possible for violations discovered by the platform and reported by users. We call on users to have a clear understanding of the limitations of domestic and overseas ICO and "virtual currency" trading platforms. Risks and firmly establish awareness of risk prevention.

In addition, in terms of payment channels, WeChat adopts:

1. Restrict the collection function of the platform's collection account and prohibit the use of WeChat payment to collect virtual currency transactions; 2. Limit the collection amount of individual seller accounts to only meet the daily social business use, and limit the collection of virtual currency-related transactions. Currently, the cleanup of all virtual currency transactions conducted using merchant accounts has been completed. 3. Monitor daily transactions in real time, assess the risk severity of hit transactions, or intercept them directly.

When the reporter asked relevant Alipay staff whether they should ask other institutions to cancel OTC channels, they learned that the current request to cancel OTC is only for Huobi.com and has not heard of other institutions.

Some people in the industry believe that it is indeed a common practice in the industry to post the logo of the relevant payment platform on the platform as a link to quick payment. However, there are currently greater risks in peer-to-peer virtual currency over-the-counter transactions, such as receiving virtual currency but not paying, paying cash but not receiving the currency, etc.

In fact, all parties have been highly vigilant against various ICO chaos. In 2017, seven ministries and commissions including the central bank issued the "Announcement on Preventing Financing Risks of Token Issuance." Tencent also carried out large-scale special clean-up work from time to time in September 2017 and March 2018, and continued to strengthen public channels and user reporting. Relevant content monitoring in the scene. Some public accounts are suspected of publishing ICO and virtual currency transaction speculation information, and have been subject to stepped penalties, restricted functions, and even permanent account bans.

Alipay also stated in an interview with reporters in August 2018 that Alipay has always adhered to the principle of not providing services for virtual currency transactions such as Bitcoin. We will continue to closely monitor OTC transactions whenever we become aware of any transactions related to virtual currencies such as Bitcoin. After the transaction, appropriate measures will be taken immediately based on the specific circumstances.

Tianyancha data shows that Huobi.com is a simulated trading platform based on Bitcoin, providing MTGOX simulated trading services.

A few days ago, Huobi Group founder Li Lin mentioned in an internal letter to all members that in 2018, Huobi global exchange trading volume exceeded 200 billion US dollars, fee income exceeded 500 million US dollars, and the average daily OTC trading volume of Huobi Transaction volume exceeds $100 million. However, the payment channels for these transaction amounts have not been disclosed.

The reporter learned that Huobi has been making constant moves recently. Last month, Huobi Group released an internal official appointment email. Former Vice President Weng Xiaoqi serves as CEO of Huobi Global. Weng Xiaoqi is also responsible for the market center business of Huobi Group. Huobi Global is one of the core business platforms of Huobi Group, hosting Huobi’s global trading business. Data shows that the current daily trading volume of Huobi Global Station is approximately US$600 million.

In addition, some media also exposed the news of layoffs and dissolution of Huobi’s Shenzhen branch. Several departments under Huobi Group have moved to Hainan, becoming one of the first domestic leading blockchain companies to settle their headquarters in Hainan. At the same time, the "China Blockchain + Industry Alliance" was launched.

标签： #Transaction #Payment #Virtual #Currency #Take