E-commerce giant, Alibaba, has warned sellers from listing crypto miners or their products on the platform. The popular Chinese marketplace disclosed that sellers attempting to do such after October 15 will face stiff consequences, according to the law. According to Alibaba, such a merchant could lose his account or get his account frozen.
Alibaba Modifies its Policies
On Monday, Alibaba became the latest firm to close its service offerings for crypto users. The E-commerce giant announced that its platform would forbid the sale of crypto mining equipment and blockchain accessories starting from October 8. Furthermore, the platform will ban selling major virtual assets, such as BTC, ETH, and LTC.
The new ban from the company includes but doesn’t limit to crypto miners, equipment, software, relevant guides, and crypto trading ebooks. Alibaba stated that the latest modification to their policy is a result of compliance issues in the product listing.
The company stated that every member has to comply with the laws and regulations as stipulated by each country. They said that they would keep tracking policy changes in each country and try to adjust their policies to reflect the current status.
Last month, Alibaba launched an NFT marketplace that allows trademark owners to sell licensed NFTs to their intellectual property. The marketplace, known as “Blockchain Digital and Asset-Trade,” is available on the Alibaba platform. According to Alibaba, the launch of the new product aims at musicians and artists. Musicians and even writers can sell tokenized licenses to their intellectual property on the platform.
Alibaba Becomes Another Company to Shut Down its Cryptocurrency Services
The ongoing clampdown by the Chinese authorities has hit several crypto companies of late. With the recent ban announcement regarding crypto transactions, companies have started to wrap up their virtual asset-related services. While some companies shut down a section of the service, others like Huobi Global and Binance consider shutting down their operations in the country.
Sparkpool, one of the largest Ethereum mining facilities, disclosed that it was shutting down all operations as well as access to new registrations in Mainland China due to the new measures introduced by the Chinese government. Sparkpool further revealed that its action to shut down was to ensure the safety of investors’ assets.
Sparkpool was launched in China in 2018 and has emerged as the second biggest mining pool for ETH, closely behind Ethermine. Sparkpool has a 22% mining power of the total ETH’s hash rate.
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