Alipay and Tenpay terminated payment and clearing services for crypto-currencies after the Chinese central bank People’s Bank of China (PBOC) issued a ban which forbids payment companies from doing business with Bitcoin exchanges (report in Chinese).

The PBOC met with around ten top Chinese third-party payment providers yesterday, banning banks and third-party payment firms from providing settlement and clearance services for transactions based on virtual currencies, like Bitcoin and Litecoin, as well as other peer-to-peer currency trading sites.

Tencent’s payment service Tenpay confirmed that it has halted cooperation with two major domestic exchange sites BTC China and Okcoin, while a representative from Alipay disclosed that the company has not establish cooperation with any virtual currency sites yet.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.