Chinese e-commerce giant Alibaba has decided to ban the sale of cryptocurrency mining equipment on its platform, the company said on Monday.
“Alibaba.com will prohibit the sale of virtual currency miners in addition to the prohibition of sale of virtual currencies such as Bitcoin, Litecoin, BeaoCoin, QuarkCoin, and Ethereum,” Alibaba said in an official statement.
Alibaba clarifies that the restrictions are related to the tightening of policy on cryptocurrencies by the Chinese government. The ban will also include hardware, software, tutorials, strategies used to obtain virtual currencies, as well as tutorials.
The ban will go into effect on October 8, 2021. Alibaba will impose fines on sellers for evading regulations and deliberately misrepresenting a product and, depending on the seriousness of the violation, restrict their activities on the platform, including blocking the account.
Alibaba Group was established in 1999 by businessman Jack Ma. It includes several subsidiary companies such as Alibaba Pictures, Alibaba.com, AliExpress.com, Taobao.com, and Tmall.com.