In reaction to China’s increasing cryptocurrency crackdown, Chinese e-commerce giant Alibaba is the next corporation to shut down its cryptocurrency-related services.
On Oct. 8, Alibaba’s platform will prohibit the sale of cryptocurrency miners and halt categories for blockchain miners and accessories, according to an official announcement.
In addition to prohibiting the sale of crypto mining equipment, Alibaba will prohibit the selling of major cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and lesser coins like Quark on its sites (QRK).
According to the notice, the new limits apply to crypto mining-related hardware and software, as well as corresponding tutorials, tips, and tactics.
Sellers who continue to list crypto miners or related products on Alibaba’s platforms after October 15 will be subject to penalties under applicable rules, the company said in a thorough summary of the new limits.
Blocking storefronts, freezing, and cancelling merchant accounts for willfully circumventing the new rules, such as purposely placing relevant products into other categories, are among the penalties specified, according to Alibaba.
The latest policy adjustments, according to the corporation, are in reaction to compliance concerns in listing products and handling transactions.
“Members are responsible for adhering to all applicable laws and regulations in any country of sale. The corporation claimed, “We will maintain watch of policy changes in each country and alter our control policies accordingly.” Alibaba did not immediately respond to a request for comment from Cointelegraph.
Alibaba’s move comes after the Chinese government issued a slew of new anti-crypto policies on Friday, deeming all crypto-related transactions illegal in the country.
Following a renewed crackdown on cryptocurrency, prominent crypto exchanges such as Binance and Huobi ceased some services in mainland China, while Sparkpool, the world’s second-largest Ethereum mining pool, announced a complete shutdown of operations.
