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.

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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.

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The post Bitcoin ETF Ads Appear on China’s Alipay Platform! appeared first on Coin Engineer.