Alipay denies supporting crypto trading and disavows third-party platforms offering USDT/USDC purchases via its payment rails, tightening China's de facto crypto restrictions.
Regulation & Gov ·
Alipay has stated it does not support cryptocurrency trading or related services, characterizing as false and unauthorized any claims that it enables crypto purchases through third-party platforms. The denial followed an announcement by P2P trading platform Peer of beta support for buying and selling USDC using Chinese yuan payments routed through Alipay's rails.
Alipay's disavowal underscores Beijing's informal but consistent approach to restricting cryptocurrency activity within its borders. While China has not explicitly banned all crypto transactions, major payment processors regularly distance themselves from crypto-related services and advise users to be cautious about fund security.
The statement does not indicate whether Alipay will take technical steps to block such transactions outright or whether enforcement will depend on user reports and periodic warnings. It remains unclear how strictly third-party platforms will be prevented from using Alipay's infrastructure, or whether the company's position will prompt broader action against similar services.