Alibaba’s online financial platform Alipay has taken down its online deposit services to comply with the “recent regulatory environment” as the technology giant founded by internet guru Jack Ma faces rumors of being investigated by authorities for an unspecified matter.

Offices of Alibaba, whose arm Ant Financial suffered a major setback in November by having its initial public offering shelved by regulators just hours before the stock was due to begin trading, were investigated by officials of the central authorities this week, Radio Free Asia reported. However, the Hangzhou-based company late on Friday dismissed the report as rumors.

In another development, Alipay, the online financial platform technically operated by Ant Financial, stopped selling its online deposit products, according to local media reports. The firm’s spokesperson was quoted as saying that it will “earnestly” implement relevant regulations to better support the development of the economy. According to Beijing Business Times, the removal of online deposit services will not impact existing individuals who have already deposited money with banks via Alipay.

Days before the service cancellation, Ant’s executive chairman Eric Jing described the firm as doing a “self-review” with a view to “safeguarding financial security, improving governance and transparency.”

In another setback revolving around Alibaba, founder Ma’s recent plan to build a university in Yunnan Province has been halted by authorities, according to local media reports. The establishment of Lakeside University’s Kunming Branch has been suspended, according to a government statement.

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