Alibaba, China’s eCommerce giant has confirmed that they will not allow the sale, purchase and trade of any crypto-related product on its platform. The ban will come into effect from October 15 and suppliers that fail to comply with the new rules can face penalties.
The new policy of Alibaba will impact mostly suppliers who had been selling crypto-mining equipment. They have also announced to shut down categories for blockchain miners and related products on the website on Oct 8.
Alibaba will also prohibit and sell purchases of crypto coins including Bitcoin, Ether, Litecoin, etc. on the platform. The new restrictions have been announced in the wake of China’s fresh ban on the use of cryptocurrencies. Last week, China’s central bank also issued warnings and said that cryptocurrencies are a threat to the country’s centralized financial systems.
While all physical goods related to cryptocurrency mining will be banned on the platform, there are a few exemptions. For example, material for crypto-mining education and some software is not under the purview of the ban.
“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,” the company stated in its statement to the press.
