The crypto ban is bearing fruit: The Chinese trading giant Alibaba has announced that it will ban the sale of mining equipment from next month.
The consequences of the Chinese crypto ban are widening more and more. Now the e-commerce giant Alibaba has announced that it will stop selling mining equipment from October 8th. In its announcement , Alibaba cited recent statements by the Chinese central bank and other oversight bodies in the country. As is well known, these are calling for a renewed crackdown on cryptocurrency activities. However, Alibaba’s action is by no means limited to just hardware.
Alibaba threatens penalties for violating the rule
However, not only the new legal situation in China is mentioned as a point of reference, but also the “instability of the laws and regulations for virtual currencies and relevant products in various international markets”, without specifying this in more detail. Any merchant offering such products on Alibaba’s platforms after October 15 will face penalties. Alibaba operates multiple platforms in China, including Taobao and the Xianyu used goods marketplace. But it’s also the group behind international online shopping platforms like Aliexpress and the Southeast Asian Lazada.