Alipay, China’s largest payment platform with over 1 billion users, reportedly displayed Bitcoin and cryptocurrency-related advertisements to users in mainland China.
On Dec. 12, local news agency Sina Finance reported that many mainland users saw promotional ads for spot Bitcoin exchange-traded funds (ETFs) on their Alipay homepages.
The ad encouraged crypto investments, stating: “Global investment, cryptocurrency soaring, 10 yuan minimum investment, get on board now.”
The promotion referred users to Huabao Overseas Technology C (QDII-FOF-LOF), which allegedly has indirect exposure to Coinbase stock and the ARK 21Shares Bitcoin ETF.
$140 Daily Purchase Limit
Colin Wu, a well-known market observer, noted on X that mainland users are limited to a daily purchase of 1,000 Chinese yuan ($137) of the fund’s shares, with a minimum investment of 10 yuan ($1.40).
“It indirectly invested in Coinbase stock and ARK spot Bitcoin ETF by investing in Wood Sister’s fund. In addition, Huabao Technology and many similar QDIIs advertise cryptocurrency on Alipay,” Wu added.
The first reports of crypto-related ads on Alipay surfaced on Dec. 11, with blockchain outlet ChainCatcher citing community reports.
Some users confirmed seeing the ads and speculated that “the next step is to buy Bitcoin directly with Alipay.”
Crypto Ads Explained
According to Yifan He, CEO of Red Date Technology, Alipay’s parent company Ant Financial Services Group offers some US ETF trading services.
“So allowing the Bitcoin ETF would not surprise me,” He told Cointelegraph, noting that all transactions are conducted in Chinese yuan.
He suggested the ads were likely placed by third parties exploiting loopholes, adding, “It doesn’t mean anything. They will disappear soon.”
Alipay’s Anti-Crypto Stance
In 2019, Alipay banned Bitcoin-related transactions, aligning with China’s anti-crypto policies.
Despite an ongoing crackdown since 2017, Chinese authorities have declared crypto assets as legal properties protected by law.
