Alibaba prohibits selling crypto mining tools after Chinese crackdown

Alibaba has been rough after the crypto crackdown actions by the Chinese government. The Chinese biggest E-commerce company has stopped all its crypto-related activities and services.

On Monday, the company announced that it will now allow sales of crypto miners. It has also suspended the blockchain miner category from the website and prohibited displaying any accessory effective from October 8.

Along with banning the crypto-mining tools, Alibaba will also stop selling cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) on the platform. It will not leave even the smaller coins like Quark (QRK).
In the announcement, Alibaba clarifies that it will not only stop selling hardware and softwares related to crypto mining but also restrict the display of any tutorials, guides, and strategies.

The announcement further says the consequences of listing crypto miners or crypto-related products by sellers would be bad. The firm warned that any seller doing so after October 15 would face penalties as per the rules.

Actions by Alibaba, a result of Chinese crackdown

Alibaba released a list of penalties like blocking and closing seller accounts, removing stores for maliciously eluding the new policies.

The company said that the recent rule change resulted from adherence issues in the product listing and transaction handling.

The firm added, “Members have responsibility for complying with relevant laws and regulations applicable to any country of sale. We will keep track of policy changes in each country and adjust our control policies accordingly.”

The decision by Alibaba reflects the recent BTC crackdown by Chinese officials. The central bank officials in China on September 24 banned all crypto-related activities like trading and mining in opposition to crypto adoption. The country declared all crypto activities illegal.

In response to the recent crackdown, many big crypto exchanges such as Binance and Huobi have also decided to halt their services in the country’s mainland. On the other hand, Sparkpool has announced a complete shutdown of its services in the country.