Alibaba and Tenpay join the long list of 27 Chinese firms who have been found guilty of doing foreign transactions and breaking the rules regulating those.

Alipay is the payment subsidiary of Alibaba, while Tencent Holdings owns Tenpay. These companies were fined 600,000 yuan, according to SCMP. This is in effect because these services are only licensed to exact payment across China, and they went beyond the borders of their license; they also allegedly missed declaring these payments during the period of January 2014 to June 2017.

What they did were varying in scope and gravity; Alipay went beyond the border of its services, while Tenpay went and catered to customers who were not even Chinese. They did not even require these customers to register with them, an oversight punishable under the law.

Also on the list, per Cai Xing Global, is Globebill. Globebill is the payment service arm of the IZP Group. Globebill, for its part, was sanctioned because it operated without a license, which was revoked earlier by the State Administration of Foreign Exchange (SAFE) under the speculation that they falsified their date, among other such violations.

Tenpay, Alipay, and Globebill all got their licenses back in 2013 when the payment services were being initially launched as part of a cross-border payment service program. They, along with 33 other companies, were tasked to spearhead the way in this service.

China has been cracking down hard on these cross-border and out-of-the-country transactions ever since they noticed the yuan slipping against the US dollar. The yuan hasn't been doing good since the US imposed trade tariffs on Chinese goods. As a result, the yuan has simply been weak as currency, which Beijing is trying to remedy.

The government has been working hard to make things work for the yuan again. A withdrawal cap of 100,000 yuan per year has been set for the first of January this year, but it has not been working so far. As the trade war only worsens, more and more people will be seen sending the yuan out of China instead of keeping it in.

The fines were also meted out to thirteen commercial banks for the same cross-border remittance error.