Alibaba Prohibits Crypto-related Products on its Platform

In an attempt to be more regulatory compliant, Alibaba, a Chinese multinational technology company specializing in e-commerce, retail, internet, and technology has disclosed that it would ban crypto mining products and services on its platform starting October 8.

Alibaba, in the announcement, also revealed that it would suspend the use of its platform to facilitate the transaction of cryptocurrencies. This will include the king of crypto-asset (BTC), the second-largest crypto-asset in market value (ETH), Litecoin (LTC), and other smaller coins such as Quark (QRK).

Aside from this, the tech company stated that it would be restricting the sales of crypto mining-related hardware and software similarly, other crypto mining-related products such as relevant tutorials, guides, and strategies are also prohibited.

It further warned in the announcement that whoever violates the restrictions by listing any of the prohibited products on its platform post-October 15 would be sanctioned under applicable rules. As detailed in the report, the offender could face punishments such as blocking stores, freezing, and suspending merchants’ accounts for intentionally violating the new restrictions.

The giant e-commerce company explained that compliance with regulation necessitated the new change. It said, “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.”

This came barely a week after the Chinese authorities declared all crypto transactions illegal and outlined new ways to fight crypto adoption. In response to this signal from the authorities, crypto exchanges like Huobi and Binance have immediately suspended offering crypto services in mainland China. Similarly, the world’s second-largest Ethereum mining pool Sparkpool has permanently shut down its operation in the region.

Total
0
Shares
Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
Related Posts