Alibaba suspends buying and selling of crypto mining machines | Invezz
E-commerce giant Alibaba said it will stop offering overseas sales of crypto mining machines. According to the company, the decision is in line with the latest ban issued by the Peoples Bank of China. The notice from the Chinese government bans all crypto-related activities in the country.
However, Alibaba says its decision is also based on the instability of crypto laws and regulations all over the world and not only on China’s policy.
Two categories will be shut down
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The e-commerce giant says it will be shutting down two categories of the crypto machine section: “Blockchain miners” and Blockchain Miner Accessories.”
Apart from the ban on crypto rigs, Alibaba will be prohibiting the sale of crypto assets on its platform, including Bitcoin (BTC/USD), Quarkcoin, and Litecoin (LTC/USD).
The firm has given until October 15 for any merchant listing such products to delist them or face penalties.
Alibaba manages several platforms in china and it seems the company is careful not to step on the toes of the Chinese government. The firm is behind the used goods marketplace Xianyu and the popular Taobao platform. It also operates other international online shopping platforms such as Southeast Asia’s Lazada and Aliexpress.
Alibaba lists penalties for violators
The Chinese government has been particularly unfriendly to cryptocurrency mining and trading. The country announced the ban on cryptocurrencies earlier in May after making a State Council statement. However, the execution of the order was only left with the city and provincial authorities without any comprehensive plan.
But Friday’s release of policy guidelines changed everything, as it left no room for interpretation. The policy completely outlawed all cryptocurrency transactions and clarified that all mining activities are prohibited.
Now, in response to the policy, Alibaba says it is suspending the buying and selling of crypto mining machines on its platform.
In a detailed statement, the company warned that some of the penalties for violators include closing or freezing of the merchant’s accounts and blocking stores of the violator.
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