Alibaba is the next company to wrap up its cryptocurrency-related services in response to the ongoing crypto crackdown in China.
Alibaba announced on Monday that its platform will forbid sales of cryptocurrency miners and suspend categories for blockchain miners and accessories from its website.
In addition to stopping sales of crypto mining devices, Alibaba will impose a ban on using its platforms to sell major crypto currencies, such as Bitcoin, Ether and Litecoin. The new restrictions involve but are not limited to crypto mining-related hardware and software, as well as relevant tutorials, guides and strategies, the announcement noted.
Any sellers that continue listing crypto miners or relevant products on Alibaba’s platforms after Oct. 15 will face penalties under applicable rules, the firm warned in a detailed description of new restrictions. Some of the listed penalties include blocking stores, freezing and closing merchant accounts for maliciously evading the new rules like intentionally placing relevant products into other categories. The firm noted that the latest policy changes come in response to compliance issues in listing products and handling transactions.
Alibaba’s move came soon after the Chinese government had announced a set of new measures to combat the crypto adoption, declaring all crypto-related transactions illegal in the country on Friday.
Top of Form
Bottom of Form
