Alibaba to Block Sales of Cryptocurrency Mining Machine Beginning October 8

bitcoin
(Source: VCG)

Alibaba’s international e-commerce website announced on Monday that it would ban the sale of cryptocurrency mining machine products from October 8.

According to the announcement, due to the instability of laws and regulations on virtual currency and related products, the platform will prohibit the sale of virtual currency miners in addition to the prohibition against selling virtual currencies such as Bitcoin, which include but are not limited to: hardware and software used to obtain virtual currencies such as Bitcoin miners, tutorials, and strategies.

On Tuesday, BiKi, the cryptocurrency exchange, also announced that it had stopped the registration and KYC of new users in Mainland China on September 26th, in response to the regulatory policy requirements. After that date, BiKi will delete any existing users in an orderly manner on the premise of ensuring the safety of assets, and officially stop operating on November 30, 2021.

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At that time, users will not be able to access its web pages and apps. However, BiKi did not mention how to deal with the tokens BIKI issued through the platform.

China’s central bank on September 24 declared all cryptocurrency-related transactions illegal and said overseas exchanges are banned from providing services to Chinese residents. Coins such as Bitcoin and Ether “are not legal and should not and cannot be used as currency in the market,” the People’s Bank of China said in a statement.