Chinese e-commerce giant Alibaba is the next company to package its cryptocurrency-related services in response to China’s ongoing cryptocurrency crackdown.
Alibaba officially Announce On Monday, its platform will ban the sale of cryptocurrency miners and will suspend the category of blockchain miners and accessories on its website on October 8.
In addition to stopping the sale of crypto mining equipment, Alibaba will also prohibit the use of its platform to sell major cryptocurrencies such as Bitcoin (Bitcoin), ether (Ethereum), Litecoin (LTC), and small coins like quarks (QRK).
The announcement pointed out that the new restrictions involve but are not limited to hardware and software related to crypto mining, as well as related tutorials, guides and strategies.
The company stated that any seller who continues to list crypto miners or related products on the Alibaba platform after October 15 will face penalties under applicable rules warn In the detailed description of the new restrictions. Alibaba said that some of the penalties listed include categorizing related products into other categories for malicious evasion of the new rules to block stores, freeze and close merchant accounts.
The company pointed out that the latest policy changes are in response to compliance issues with listed products and processing transactions.
“Members are responsible for complying with relevant laws and regulations applicable to any country of sale. We will track policy changes in each country and adjust our control policies accordingly,” the company said. Alibaba did not immediately respond to Cointelegraph’s request for comment.
Alibaba’s move happened shortly after the Chinese government Announced a series of new measures To combat encryption adoption, it was announced on September 24 that all encryption-related transactions in the country were illegal. In response to a new round of crypto attacks, major crypto exchanges such as Binance and Huobi subsequently stopped some of their services in mainland China, and the second Sparkpool, the world’s largest Ethereum mining pool, Announced complete closure.