Alibaba to suspend the sale of crypto miners on its platform starting Oct 8
Tue, 28 Sep 2021, 12:02 pm UTC
Alibaba will stop selling crypto miners and mining-related accessories on its platform. The Chinese e-commerce giant’s announcement came just days after China renewed its crackdown on cryptocurrency mining and other related activities.
In an announcement on September 27, Alibaba said that it will ban the sale of crypto miners on its platform starting October 8, 2021. The company will also ban the sale of miner accessories.
The company specifically mentioned two categories that will be covered by the restriction. These are “hardware and software used to obtain virtual currencies such as Bitcoin miners” and “tutorials, strategies, and software for obtaining virtual currencies such as tutorials on mining.”
Aside from the restriction on the sale of crypto mining rigs, the announcement also includes the restriction on the sale of cryptocurrencies. These include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), BeaoCoin, and QuarkCoin.
The company warned sellers from listing crypto miners and other restricted products from its platforms or they may face penalties. “For violations such as maliciously evading rules, deliberately confusing product information, intentionally placing products into improper categories, falsely exaggerating products, Alibaba.com will impose penalties according to the severity of the violations, which include but are not limited to removing or deleting products, deducting points, restricting the use of website functions, and closing accounts,” Alibaba said.
The company hinted that it may make future changes to its platform to make product availability a function of a user’s location. “We will keep track of policy changes in each country and adjust our control policies accordingly,” the announcement reads.
The People’s Bank of China reiterated the ban on crypto trading and mining on Friday, September 24. The monetary authority declared all crypto-related transactions illegal in the country and even posted a new list of prohibited activities that were previously in the legal gray area.
For instance, employees of foreign-based crypto exchanges, even those in tech support, might face investigations for knowingly engaging in crypto-related businesses. Banks and other financial institutions are also banned from offering services to crypto-related businesses.
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