Alipay Denies Supporting Crypto Trading After Peer Announces USDC Payments
Chinese payments giant Alipay has denied supporting cryptocurrency trading through third-party platforms after peer-to-peer trading platform Peer announced beta support for buying and selling USDC using Chinese yuan (CNY) payments via Alipay.
According to Wu Blockchain, Alipay said it does not support cryptocurrency trading or related services. The company also described claims suggesting that its payment service enables cryptocurrency purchases through third-party platforms as false and unauthorized.
Alipay Rejects Claims of Crypto Trading Support
Alipay's statement addresses the use of its payment service in connection with cryptocurrency transactions conducted through external platforms. The company made clear that it does not endorse or support such trading activity, challenging claims that users can rely on Alipay to facilitate crypto purchases through third-party services.
The clarification came after Peer announced beta support for buying and selling USDC with Chinese yuan payments through Alipay. The announcement linked the payment service to a cryptocurrency trading feature, prompting Alipay to reject the suggestion that it officially supports those transactions.
Alipay characterized claims about its involvement in third-party cryptocurrency purchases as false and unauthorized. Its statement distinguishes the payment company's official position from services or trading features announced by external platforms.
Peer Announces USDC Trading With CNY Payments
Peer, a peer-to-peer trading platform, announced beta support for buying and selling USDC using CNY payments via Alipay. The feature involves USDC, a stablecoin, and the Chinese yuan as the payment currency.
However, Alipay's response makes clear that Peer's announcement should not be interpreted as confirmation that the payments company supports cryptocurrency trading. The beta feature announced by Peer and Alipay's stated position are separate matters, and the payments company has explicitly denied supporting the activity.
The information reported by Wu Blockchain does not provide further details about the beta feature's operating arrangements, its availability to users, or whether Peer has issued a response to Alipay's statement.
Alipay Warns Users About Fund and Account Security
Alongside its denial, Alipay urged users to exercise caution to protect their funds and account security. The warning highlights the importance of distinguishing between services officially supported by a payment provider and transactions offered through third-party platforms.
Users considering cryptocurrency transactions through external services should not assume that the involvement of a familiar payment brand means the provider has authorized or endorsed the activity. In this case, Alipay explicitly stated that it does not support cryptocurrency trading or related services.
Wu Blockchain reported that Alipay's clarification followed Peer's announcement of beta support for buying and selling USDC with CNY payments via Alipay. The payments company maintained that claims of third-party crypto trading support were false and unauthorized, while warning users to safeguard their funds and account security.
Writer: Victoria HaleTechnology & Blockchain WriterVictoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.She prioritises clarity and accuracy when explaining technical developments to a general audience.
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