Close

Alibaba bans cryptocurrency mining machine sales in response to the government's new policy

September 29, 2021 1:30 pm

Chinese e-commerce giant Alibaba is banning the sale of cryptocurrency mining equipment on its e-commerce marketplace after the Chinese government intensified its crackdown on cryptocurrency-related activities.

Detail:

Alibaba announced Monday that its platform will prohibit sales of cryptocurrency miners and remove categories for blockchain miners and accessories from its website on Oct. 8.

The restrictions are not limited to cryptocurrency miners, it will also include relevant   tutorials, guides and strategies.

Alibaba will punish any sellers who continue to sale or list the cryptocurrency mining-related products after October 15, the company warned in a detailed description of new restrictions.

Some of the punishment include freezing merchants accounts for breaking the new rules.

Context:

Alibaba operates several e-commerce platforms in China, including Taobao and used goods marketplace Xianyu. For the overseas operation, it also run international online shopping platforms  Aliexpress and Southeast Asia’s Lazada.

Alibaba’s move came soon after the country’s most powerful regulators, including the central bank, financial, securities and foreign exchange regulators, said they would work together to root out all crypto-related transactions that are considered to be illegal financial activity.

In response to the tougher restriction, major crypto exchanges such as Binance and Huobi subsequently suspended new registrations for mainland Chinese users.