Alibaba Bans Selling Crypto Mining Hardware and Software
Main page News, China, Mining, Crypto Market, Cryptocurrency, Regulations
Hot topic
27 September
73 73

Alibaba, a Chinese multinational tech company, has officially prohibited its users to sell any goods related to obtaining cryptocurrencies. According to a statement, the Hangzhou-based retail giant now prohibits selling both cryptocurrency mining hardware (ASICs) and software. Moreover, the company also bans selling tutorials and strategies for obtaining cryptocurrencies.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

The decision has reportedly been made to comply with the latest circular of the People's Bank of China, which prohibited cryptocurrency-related business, including mining and exchange services. The move comes as Sparkpool, Ethereum's largest mining pool, has announced plans to suspend services on Sept. 30 as Beijing puts more regulatory pressure on the local crypto space.

FTX Leaves Hong Kong as China Reiterates Crypto Ban

According to the People's Bank of China, services related to cryptocurrencies are prohibited. As a result, financial institutions, payment companies and IT companies are barred from conducting transactions in cryptocurrencies or offering crypto-related services.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Read also:
Please describe the error