InstaForex

September 28, 2021

Alibaba Lifts Its Legs, Stops Trading in Crypto Mining Devices

 Alibaba has decided to restrict the sale of cryptocurrency necessities and mining devices on its platform.


The drastic news was announced yesterday through its official website and the ban will begin on October 8, 2021.


Alibaba’s latest action reflects its compliance with the People’s Bank of China (PBOC) which declared a ban on crypto trading activities in the country recently.


A follow -up to the announcement also revealed that restrictions on the sale of crypto mining tools are a sign of support for the sale of virtual currencies such as Bitcoin (BTC), Litecoin (LTC), BeaoCoin, QuarkCoin, and Ethereum (ETH).



Alibaba also wants to abolish two categories of sales related to mining.


The firm is the latest after Huobi and Binance confirmed the closure of new Chinese consumer accounts.


The pressure on the crypto sector not only starts with the government but also involves law enforcement. It is reported that at least 7 government bodies including the PBOC and the Securities Regulatory Commission have agreed to this restriction.


Since the beginning of this year, China has begun to grip the crypto sector, causing some crypto miners to move abroad.