China crypto mining

China Crypto Crackdown 2.0: Alibaba Stops Sales of Mining Equipment

China crypto mining

Alibaba announces it will stop the sales of cryptocurrency mining equipment. This is the latest move from China’s e-commerce giant as the latest ban expands beyond crypto exchanges.

Starting on October 8, will prohibit the sale of crypto miners, in addition to the prohibition against selling crypto such as Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH).

This new rule includes mining equipment and software, as well as online tutorials and software for crypto mining. Moreover, Alibaba would close two sales categories on its e-commerce platform related to mining.

China’s regulators, including People’s Bank of China (PBOC) intensified a crackdown on Friday, banning crypto transactions and mining. Also, it declares all cryptocurrency-related businesses illegal.

Previously, Chinese regulators have issued statements on the crypto mining ban. 90 percent of China’s Bitcoin mining capacity has been shut down, according to China’s state media Global Times. However, “some small-scale mining projects bounced back in September. The new rule also aims to close such loopholes.

Binance, FTX In Response to China Crypto Ban

Following the ban, Chinese investors are fleeing the large centralized Chinese exchanges looking for alternative trading platforms. This leads to a surge in the trading volumes of decentralized exchanges (DEX) such as DYDX.

“I think that probably the market’s being a little bit overconfident in that belief. Because first of all, you can imagine that there might be throttling on websites associated with decentralized exchanges in China, “says Sam Bankman-Fried, CEO of crypto exchange FTX.

“You could imagine actually similar sorts of clampdowns placed on those as you see on some centralized exchanges,” he added.

Amid the growing regulatory controversies against crypto exchanges, Binance, the world’s largest crypto exchange, halts fiat deposit, spot trading, among other services, to Singapore users. Additionally, Binance customers in Singapore will no longer be able to purchase cryptocurrencies through fiat channels and liquid swaps, as of October 26.

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