Alibaba To Wrap Up Its Crypto Services Due To The Ongoing Crypto Crackdown In China



Alibaba, the Chinese e-commerce giant, has announced that it will wrap up its cryptocurrency-related services due to the ongoing crypto crackdown in China.


It has been reported that its platform will prohibit sales of cryptocurrency miners and suspend categories for blockchain miners and accessories from its website on October 8.


However, in addition to stopping sales of crypto mining devices, Alibaba will impose a ban on using its platforms to sell major cryptocurrencies, such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), as well as smaller coins like Quark (QRK).


The report said that the new restrictions involve but are not limited to crypto mining-related hardware and software, as well as relevant tutorials, guides, and strategies. Any sellers that continue listing crypto miners or relevant products on Alibaba’s platforms after October 15 will face penalties under applicable rules, the firm warned in a detailed description of new restrictions.

Alibaba said that 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 latest policy changes come in response to compliance issues in listing products and handling transactions.


The company further stated:

“Members have responsibility for complying with relevant laws and regulations applicable to any country of sale. We will keep track of policy changes in each country and adjust our control policies accordingly.”

As reported, 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.


Thus, in response to a renewed crypto crackdown, major crypto exchanges such as Binance and Huobi subsequently halted some services in mainland China, while Sparkpool, the second-largest Ethereum mining pool in the world, announced a total shutdown of operations.


Source: Cointelegraph



0 comments