Alibaba to ban sales of crypto miners amid Chinese crackdown

Sellers who list crypto miners and related products on Alibaba’s platforms will be subject to severe penalties. Chinese e-commerce giant Alibaba is the next company to wrap its cryptocurrency-related services in response to the ongoing crypto crackdown in China.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.In addition to stopping sales of crypto mining devices, Alibaba will impose a ban on using its platforms to sell major cryptocurrencies like Bitcoin (BTC), Ether (ETH), Litecoin (LTC), as well as smaller coins like Quark (QRK).The new restrictions involve but are not limited to crypto mining-related hardware and software, as well as relevant tutorials, guides and strategies, the announcement notes.Any sellers that continue listing crypto miners or relevant products on Alibaba’s platforms after Oct. 15 will face penalties under applicable rules, the firm warned in a detailed description of new restrictions. Some of the listed penalties include blocking stores, freezing and closing merchant accounts for maliciously evading the new rules like intentionally placing relevant products into other categories, Alibaba said.The firm noted that the latest policy changes come in response to compliance issues in listing products and handling transactions.Related: Alibaba launches NFT marketplace for copyright trading”Members have responsibility for complying with relevant laws and regulations applicable to any country of sale. The company stated that it will monitor any changes in policy in each country and adjust its control policies accordingly. Cointelegraph did not receive a response from Alibaba immediately. This move was made after the Chinese government announced new measures to counter crypto adoption. The Chinese government declared all crypto-related transactions illegal in China on Sept. 24. Major crypto exchanges, such as Binance and Huobi, subsequently stopped some services in China. Sparkpool, the second largest Ethereum mining pool, announced a complete shutdown.

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