Yigit Taha OZTURK 
Alipay, China’s largest payment platform with over 1 billion users, has reportedly displayed advertisements related to Bitcoin ETFs and cryptocurrencies for its mainland Chinese users.
Details of the Ads
According to a report by Sina Finance on December 12, some Alipay users in mainland China noticed promotional ads about spot Bitcoin ETFs on their homepages. The ads included slogans such as:
“Global investment, cryptocurrency soaring, minimum investment of 10 yuan—get on board now!”
The advertisements directed users to Huabao Overseas Technology C (QDII-FOF-LOF), a fund that allegedly has indirect exposure to Coinbase stock and the ARK 21Shares Bitcoin ETF.
Investment Limits and Observations
Prominent Chinese market analyst Colin Wu commented on X (formerly Twitter) that mainland users can currently purchase up to 1,000 yuan ($137) worth of the fund daily, with a minimum investment of 10 yuan ($1.40).
Wu noted that the fund indirectly invests in Coinbase stock and the ARK Bitcoin ETF through Cathie Wood’s fund. He also pointed out that Huabao Technology and other QDIIs are running similar crypto-related ads on Alipay.
You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!
The ads have sparked speculation among some users, with one stating:
“The next step might be buying Bitcoin directly with Alipay.”
Potential Implications
According to Yifan He, CEO of blockchain firm Red Date Technology, Alipay’s parent company, Ant Financial Services Group, already offers US ETF trading services, so featuring a Bitcoin ETF might not be unexpected.
He suggested that the ads are likely third-party promotions rather than direct offerings from Alipay, adding:
“As long as the yuan cannot be moved out of the country illegally, regulators are unlikely to see this as a significant risk.”
He also predicted that the ads would disappear soon, labeling them as the result of third parties exploiting loopholes.
Regulatory History and Context
Alipay officially banned Bitcoin-related transactions in 2019, aligning itself with the Chinese government’s anti-crypto policies. Since 2017, mainland China has prohibited crypto exchanges, with a sweeping crackdown on cryptocurrencies enforced in 2021.
Despite the government’s firm stance, crypto assets have been repeatedly recognized as legal properties protected under Chinese law.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.