Alipay hosts Bitcoin ETF ads despite China hardline anti-crypto stance
Bitcoin ETF ads in China
Bitcoin and cryptocurrency-related advertisements have appeared on Alipay, China’s largest payment platform, despite the country’s long-standing ban on crypto transactions.
The ads, which promote indirect exposure to U.S.-listed Bitcoin exchange-traded funds (ETFs), were seen by mainland Chinese users on Dec. 11 and 12, according to reports from local news agency Sina Finance.
The ads highlight investment opportunities in Huabao Overseas Technology C (QDII-FOF-LOF), a fund linked to Coinbase stock and the ARK 21Shares Bitcoin ETF.
The promotional messages, featuring phrases like “Global investment, cryptocurrency soaring, 10 yuan minimum investment, get on board now,” encourage users to invest with a minimum threshold of 10 yuan ($1.40) and a daily cap of 1,000 yuan ($137).
Regulatory Loopholes or Strategic Shift?
Industry insiders suggest the appearance of these ads may be the result of third-party loopholes rather than a deliberate move by Alipay or its parent company, Ant Financial Services Group.
Colin Wu, a prominent market observer, noted that Huabao and other Qualified Domestic Institutional Investors (QDIIs) have previously advertised cryptocurrency-related offerings on the platform.
Yifan He, CEO of blockchain firm Red Date Technology, stated that since Ant Group facilitates U.S. ETF trading, this development “would not be surprising,” so long as it complies with China’s strict capital controls. “As long as people can’t move yuan out of the country illegally, regulators won’t see it as a major risk,” He noted.
China’s official stance on cryptocurrency remains unchanged, with all Bitcoin-related transactions banned since 2019. While industry rumors have speculated about a policy shift, no formal evidence has surfaced.
Analysts predict that any unauthorized ads will be swiftly removed, reflecting the government’s ongoing hardline approach to crypto regulation.
Changpeng “CZ” Zhao, former Binance CEO, believes China will inevitably create a strategic Bitcoin reserve. Speaking at the Bitcoin MENA conference in Abu Dhabi on Dec. 9, he suggested smaller countries may adopt Bitcoin reserves first, but China could act quickly once it decides.
