Alipay, China’s leading payment platform with over 1 billion users, has reportedly displayed advertisements promoting Bitcoin and cryptocurrency investments to users in mainland China.
According to a report by local news outlet Sina Finance on Dec. 12, mainland users noticed ads for spot Bitcoin exchange-traded funds (ETFs) on their Alipay homepage. The promotional content highlighted the appeal of cryptocurrency investments, stating: “Global investment opportunities, cryptocurrency booming, start with as little as 10 yuan. Don’t miss out!”
The ad directed users to Huabao Overseas Technology C (QDII-FOF-LOF), a fund with indirect exposure to Coinbase stock and the ARK 21Shares Bitcoin ETF.
Daily Purchase Limits for Mainland Users
Colin Wu, a prominent observer of China’s financial markets, noted on X that mainland investors are subject to a daily limit of 1,000 yuan (approximately $137) for buying shares of the fund. The minimum purchase amount is set at just 10 yuan ($1.40).
Wu explained that this fund indirectly invests in Coinbase stock and Ark’s spot Bitcoin ETF by leveraging investments in other funds. He also pointed out that multiple Qualified Domestic Institutional Investors (QDIIs), including Huabao Technology, are advertising cryptocurrency-related products on Alipay.
Reports of Ads Emerged Earlier This Week
The first sightings of crypto-related ads on Alipay were reported on Dec. 11 by ChainCatcher, a blockchain-focused media outlet. Several users confirmed they had come across these ads, with some speculating that direct Bitcoin purchases through Alipay might be on the horizon.
Crypto Ads: A Regulatory Grey Area?
Yifan He, CEO of Red Date Technology, a major Chinese blockchain company, remarked that Alipay’s parent company, Ant Financial, already facilitates trading in some U.S.-based ETFs. “Offering access to a Bitcoin ETF would not be surprising,” he said, adding that as long as capital cannot illegally leave China, regulators may not perceive it as a significant threat.
He suggested that the ads likely came from third parties exploiting loopholes in the system rather than being directly sanctioned by Alipay. “These ads are temporary and will likely be removed soon,” he added.
Alipay’s Historical Anti-Crypto Stance
Alipay has traditionally been opposed to cryptocurrency-related transactions. In 2019, it officially banned all Bitcoin-related activities on its platform, reflecting the Chinese government’s stringent anti-crypto policies.
China has long enforced strict regulations on cryptocurrencies, beginning with a ban on crypto exchanges in 2017 and later intensifying the crackdown in 2021. Despite these measures, authorities have acknowledged that cryptocurrencies are considered legal property under Chinese law.
A Shifting Landscape?
Speculation about China potentially easing its stance on Bitcoin gained momentum during the ongoing crypto market surge in 2024. However, such rumors have been met with skepticism.
Although access to Hong Kong-based crypto ETFs remains restricted for mainland investors, recent developments—such as Nano Labs, a Hangzhou-based crypto chip manufacturer, accepting Bitcoin payments—hint at a growing acceptance of cryptocurrencies in specific use cases.
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