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Alibaba Shuts Down Sales of Mining Equipment
Headquartered in Hangzhou China, e-commerce giant Alibaba said on Monday it will stop sales of specialized mining equipment on its platforms starting October 8.
The company stated it is considering the “instability of laws and regulations” on crypto across the globe and its decision was in response to China’s latest move on crypto. A notice, signed by China’s top governing bodies issues on Friday, effectively banned all crypto trading-related enterprises in the country.
Alibaba’s decision will involve shutting down two categories on its platform, Blockchain Miners” and “Blockchain Miner Accessories.”
The platform is also enforcing the prohibition on the sale of cryptocurrencies such as “Bitcoin, Litecoin, BeaoCoin, QuarkCoin, and Ethereum.”
Merchants listing any such products on its shopping platforms after October 15 will be penalized.
The Alibaba Group owns several platforms in China and Asia, including Taobao and second-hand marketplace Xianyu. Furthermore, the group is known internationally for its online shopping platforms such as Aliexpress and Southeast Asia’s Lazada.
With China cracking down on the crypto space heavily this year, Friday’s mandate is clear, all crypto transactions and mining activities are to be outlawed.
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Author: Peter Siu