Alibaba Has Banned the Sale of Crypto Miners
The China-based e-commerce company Alibaba has banned sales of cryptocurrency miners on its website.
Alibaba Will Close Two Categories
Alibaba’s announcement states that two categories will be closed: blockchain miners and blockchain miner accessories.
The prohibition means that sellers will be prohibited from selling technology and software, as well as tutorials and strategies.
Alibaba will also ban the sale of cryptocurrencies including Bitcoin, Litecoin, BeaoCoin, QuarkCoin, and Ethereum, although it does not appear that cryptocurrency is currently sold on the site.
The company cited various regulations as the reason for its prohibitions, including 2015’s Notice Concerning the Prevention of Risks Associated with Bitcoin and 2017’s Announcement on Preventing Financial Risks from Initial Coin Offerings.
The event is the latest in a series of crackdowns in China, including the country’s decision to ban most cryptocurrency transactions and deny access to crypto market sites.
Enforcement Will Begin In October
Alibaba says that the new policy will take effect on Oct. 8. At present, several mining products are still listed on the site.
The policy will be enforced through delistings, deduction of points, website restrictions, and account closures.
Despite Alibaba’s decision to discontinue the sale of crypto miners, it may be invested in cryptocurrency. It was rumored to invest $20 million in Bitcoin this May, though the rumor was never confirmed.
Its affiliate, Alipay, also began to coordinate the sale of non-fungible tokens (NFTs) beginning in June.
Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.
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