Chinese payments giant Alipay denies supporting crypto trading via Peer

Chinese payments giant Alipay has denied supporting cryptocurrency trading through third-party platforms after peer-to-peer marketplace Peer announced a service allowing users to buy and sell USDC with Chinese yuan payments. Summary Chinese payments giant Alipay denied authorizing cryptocurrency trading through third-party platforms following Peer’s USDC announcement. Peer launched beta support for buying and selling USDC using Chinese yuan payments through Alipay. Peer reported 107 transactions worth approximately $7,094 involving 45 buyers since August 21, 2026. Alipay warned customers against unauthorized crypto services, citing risks to their funds and account security. China’s restrictions prohibit cryptocurrency trading services, including fiat-to-crypto transactions through domestic payment channels. According to Alipay’s October 28 statement, the company does not authorize virtual currency transactions or related services through its payment network. The response directly addressed Peer’s announcement that customers could use Alipay to settle cryptocurrency purchases during a beta rollout. “Claims that Alipay enables crypto purchases on third-party platforms are false and u...