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Largest Supplier of Crypto Mining Gear in China, Alibaba, Announced Ban on Sale of All Crypto Mining Rigs

Tue, 09/28/2021 - 08:40
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Arman Shirinyan
One of the world's largest mining gear suppliers has to stop selling rigs to continue functioning in China
Largest Supplier of Crypto Mining Gear in China, Alibaba, Announced Ban on Sale of All Crypto Mining Rigs
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According to the announcement released on the official website of Alibaba, the company has evaluated the volatile nature of laws regulating the use of digital assets and cryptocurrencies and decided to prohibit the sale of cryptocurrency mining rigs in addition to a complete ban on virtual currencies on the company's platforms, including Bitcoin, Litecoin and Ethereum.

The company will completely prohibit the selling of hardware or software that is being used to mine or obtain cryptocurrency in any way. In addition to products themselves, Alibaba will stop selling manuals or tutorials related to the digital assets industry.

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While posting the announcement on Sept. 27, 2021, it will take effect only after Oct. 8. All the members on the platform must comply with the law and stop listing the mentioned products. The company stated that it will keep track of policy and law changes in the country and may change its decision accordingly.

Alibaba will impose penalties on individuals who try to bypass the updated rules by posting confusing product information, using fake promotional materials or placing it under unsuitable categories or sub-categories.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.