Binance Starts Accepting Fiat Currencies Through Alipay and WeChat

Major cryptocurrency exchange Binance has begun accepting fiat currencies through online payment service Alipay and mobile messaging and payment app WeChat, CEO Changpeng Zhao confirmed in a tweet on Oct. 9.

Zhao was quick to clarify that Binance is not working directly with WeChat or Alipay, and users are still able to use them for peer-to-peer transactions. 

The move follows the implementation of Binance’s peer-to-peer trading for Bitcoin (BTC), Ether (ETH) and Tether (USDT) against the Chinese yuan (CNY) earlier on Oct. 9. The service will be initially available to Android users who already have Binance accounts registered for at least 30 days, with support for iOS to follow.

Binance’s active product range expansion

On Oct. 7, the exchange also announced the launch of the eighth phase of its lending product. Subscribers will be accepted on a first-come, first-served basis. The subscription period begins on Oct. 10 and ends on Nov. 10, while interest will be paid immediately after the term matures.

Binance’s new market maker program launched in late September, targeting users whose monthly trading volumes exceed 1,000 BTC — or can reach such volumes — and who also have quality market-making strategies.

That same month, the exchange rolled out a dedicated staking platform, enabling users to deposit their token holdings and earn staking rewards, but without having to set up their own nodes to fulfill minimum staking amounts and/or time lengths.