Alibaba Bans Sales of Crypto Mining Equipment
The popular e-commerce platform Alibaba announced the ban in the wake of new crypto and mining bans in China.
Alibaba, one of the world’s largest e-commerce platforms, has announced it will cease selling cryptocurrency mining machines overseas starting in October. The decision came after the announcement of additional crypto bans from the People Bank of China (PBOC). Under the new regulations, all crypto-related activities are no longer legal according to the PBOC.
The announcement states that the move was for compliance. It sited the regulations from the Circular of the People’s Bank of China, Ministry of Industry, Information Technology, China Banking Regulatory Commission, and others along with “other relevant laws and regulations.”
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