News

Alibaba Prohibits Selling Of Cryptocurrency Mining Equipment In China.

In reaction to China‘s escalating crypto crackdown, Alibaba (NYSE: BABA), the world’s largest e-commerce company, has shut down its cryptocurrency-related services.

According to an official notification, Alibaba’s platform will prohibit the sale of bitcoin miners and suspend categories for blockchain miners and accessories on Oct. 8.

Alibaba will restrict the sale of major cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and smaller coins like Quark on its sites, in addition to forbidding the sale of crypto mining equipment (QRK).

The new restrictions apply to crypto mining-related hardware and software, as well as accompanying teachings, recommendations, and practices, according to the statement.

Any merchants who continue to list crypto miners or related goods on Alibaba’s platforms after Oct. 15 face fines under applicable laws, according to the company’s detailed explanation of the new restrictions. According to Alibaba, sanctions include blocking stores, suspending merchant accounts, and terminating merchant accounts for deliberately evading the new restrictions, such as purposefully placing relevant products in other categories.

According to the company, the new policy changes are in response to compliance issues with displaying products and managing transactions.

“Members must comply with all applicable rules and regulations in any country where they sell. We’ll monitor policy changes in each country and adjust our restrictions as appropriate.” According to the organization.

Alibaba’s move follows the Chinese government’s announcement on Friday of a raft of new anti-crypto laws, which make any crypto-related transactions illegal in the country. Following a heightened crackdown on cryptocurrencies, major cryptocurrency exchanges such as Binance and Huobi have stopped certain services in mainland China, while Sparkpool, the world’s second-largest Ethereum mining pool, has announced its shutdown.

Leave a Comment

Your email address will not be published. Required fields are marked *