China fines Caifutong, Tencent’s WeChat Pay operator, for breaking foreign exchange rules

• Tenpay, also known as Caifutong, was fined 2.8 million yuan for violating foreign exchange regulations, according to SAFE, the nation’s forex gatekeeper
• The WeChat Pay operator was also reprimanded in late 2020 and mid-2018 for various breaches related to cross-border currency transactions