Alipay Reaffirms Strict Prohibition on Cryptocurrency Transactions

On October 28, Alipay issued an official statement in both Chinese and English, clearly stating that it has never authorized any third-party platforms to use its payment channels for buying, selling, or facilitating cryptocurrency transactions. The statement urged users to be wary of such unauthorized services and to protect their account and fund security.

The Trigger: P2P Platform's Settlement Feature Test

The immediate catalyst for this statement was a peer-to-peer trading platform's announcement on October 27 regarding a test feature. This feature allowed users to trade the US dollar-pegged stablecoin USDC and settle transactions in Chinese Yuan via Alipay.

According to the platform's disclosure, during the trial period from August 21, a total of 107 transactions were completed over two months, involving approximately $7,094 and 45 buyers. Significantly, the platform acknowledged in its announcement that this feature was not developed under any formal cooperation with Alipay. It operated based on users manually entering payment remarks to complete the process.

Alipay's Consistent Stance and Risk Controls

This is not the first time Alipay has drawn a clear line against cryptocurrency-related activities. The platform has long maintained an explicit ban on operations involving digital currencies.

  • Ongoing Monitoring: Since 2021, Alipay has implemented a dedicated risk monitoring system targeting virtual currency transactions.
  • Historical Clarifications: Similar public clarifications and user warnings were issued by Alipay in 2019 and 2024 to dispel market rumors.

The latest statement reinforces its consistent compliance stance. Although the transaction volume associated with this specific settlement channel appears limited, analysts warn that individual Alipay accounts involved may face restrictions or freezing for violating the platform's service terms. Users must recognize that engaging in such activities through unofficial channels offers no protection for their funds or account security.