Chinese e-commerce giant Alibaba curbs its crypto-related services in response to continued Bitcoin and altcoin bans in China. Alibaba has officially announced that it will suspend categories for BTC miners on the platform.

Restrictions on Bitcoin and altcoin miners from Alibaba

Alibaba officially announced on Monday that its platform will ban the sale of cryptocurrency mining devices (miners) on its website as of October 8, and will suspend categories for Blockchain miners and accessories. In addition to stopping the sale of crypto mining devices, Alibaba will also ban its platforms from being used to sell major cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), as well as smaller coins such as Quark (QRK).

According to the announcement nodollars, the new restrictions include but are not limited to crypto mining related hardware and software. Things like tutorials, guides and strategies related to crypto mining are also banned.

Those who sell such materials will be punished

In a detailed explanation of the new restrictions, the firm warned that all sellers who continue to list crypto miners or related products on Alibaba platforms after October 15 will face penalties under applicable rules. Alibaba said that as a penalty for listing, some stores may be blocked, and seller accounts may be frozen or closed.

The firm noted that these latest policy changes are in response to compliance problems in listing products and handling transactions. “Members are responsible for complying with the relevant laws and regulations applicable to any country of sale. “We will monitor policy changes in each country and adjust our control policies accordingly,” he said.

Alibaba’s move comes shortly after the Chinese government announced a series of new measures to combat crypto adoption by declaring all crypto-related transactions in the country illegal on September 24. Cryptocoin. com

As we reported , in response to this crypto lockdown, cryptocurrency exchanges such as Binance and Huobi have stopped some services in China. In addition, Sparkpool, the world’s second largest mining pool, has completely ceased operations.

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Michael Lewis


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