Alibaba to ban crypto miner sales amid Chinese crackdown

Chinese e-commerce giant Alibaba is the next company to wrap its cryptocurrency-related services in response to the ongoing crypto crackdown in China.

Alibaba officially announced Monday that it will stop selling cryptocurrency miners on its platform and suspend categories for crypto miners and accessories from its site by Oct. 8.

Alibaba will also ban the sale of crypto mining equipment.

The announcement notes mention that the new restrictions include crypto mining-related hardware, software, and relevant tutorials and guides, among other things.

The firm issued a detailed explanation of the new restrictions and warned that sellers who continue to list crypto miners or related products on Alibaba’s platforms following Oct. 15 will be subject to penalties. Alibaba stated that some of the penalties include closing merchant accounts, blocking stores, and freezing them for deliberately placing relevant products in other categories.

According to the firm, the most recent policy changes were made in response to compliance concerns in handling transactions and listing products.

Related: Alibaba launches NFT Marketplace for Copyright Trading

“Members are responsible for adhering to all applicable laws and regulations in any country of sale. The company stated that it will monitor any changes in policy and adjust its control policies accordingly. Cointelegraph reached Alibaba for comment but they did not respond immediately.

Alibaba’s decision came shortly after the Chinese government announced new measures to counter crypto adoption. All crypto-related transactions were made illegal in China on Sept. 24, 2018. Following a new crypto crackdown, major crypto exchanges such as Binance and Huobi stopped some services in China. Sparkpool, which is the second-largest Ethereum mining network in the world, announced its total shutdown.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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