“Members have responsibility for complying with relevant laws and regulations applicable to any country of sale. We will keep track of policy changes in each country and adjust our control policies accordingly,” the company stated.
Crypto mining firms and exchanges shutdown
The move by Alibaba came fast after the government of China announced new measures to ban the adoption of cryptocurrencies. Last Friday, the Asian country has announced that crypto-related transactions are illegal.
Consequently, major crypto exchange platforms like Huobi and Binance stopped their operations in mainland China. Meanwhile, the largest Ethereum mining pool in the world “Sparkpool” announced a total shutdown of all its operations in the country.
“Whilst this is not a surprise as China has ‘banned’ crypto many times in the past, this time there is no ambiguity,” tweeted PricewaterhouseCoopers crypto leader Henri Arslanian. “Crypto transactions and crypto services of all kinds are banned in China. No room for discussion. No grey areas.”
