Recent weeks have seen the Chinese government intensify its anti-cryptocurrency campaign.
Alibaba officially announced Monday that its platform will prohibit sales of cryptocurrency miners and suspend categories for blockchain miners and accessories from its website on Oct. 8.
From October 8, sellers won’t be able list cryptocurrency miners on Alibaba. Accessories that are attached to miners will also be prohibited, along with any materials that teach users how to mine cryptocurrency.
Orders placed between September 28th and October 8 will be processed. However, they must be shipped by January 2022. Sellers cannot receive payment for orders placed after October 8.
All items listed under the crypto, blockhain categories above will be removed automatically by Alibaba starting October 15. Alibaba will also remove all ads of the above categories. Failure to comply with Alibaba’s new rules can result in account closures, fines, restrictions and even complete shutdowns. Alibaba has also banned the sale of cryptocurrency like Bitcoin and Ethereum.
China made all cryptocurrency transactions illegal after cracking down on mining facilities within its borders. Alibaba, an e-commerce giant, has taken sweeping measures to further discourage minors from China.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
