Alibaba Bans Sale Of Any Crypto-related Products

Date:

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.

Mike Litvinov
Mike Litvinov
Mike is our project manager who ensures everything is up to date on crypto update without fail every single day and every single time. He believes if he had not gotten into the analytics and management he would have had his ice-cream parlour where he would sell all flavours butterscotch at discounts higher than most token pre-sales can offer.

Leave A Reply

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

Australian Regulators Target Unlicensed Crypto Mining Firms

In a significant move against unauthorized cryptocurrency operations, Australian...

Bitcoin Awaits Halving Event: A Potential Catalyst for Record Highs

In the ever-dynamic world of cryptocurrencies, Bitcoin, along with...

No Altcoin Season: Peter Brandt and Benjamin Cowen Alert Bitcoin Dominance Rising

In a recent turn of events, renowned market analysts...

Bitcoin ETFs See Surprise $200M Outflow: Will The New $69K Support Hold?

In a surprising turn of events, Bitcoin ETFs witnessed...