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A subsidiary of Alibaba Taobao bans cryptocurrency services on its platform

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After a recent lawsuit between Alibabacoin Foundation and the e-Commerce giant Alibaba Group, Taobao, a subsidiary of Alibaba, banned everything related to cryptocurrencies on its website.

In early March it was reported that Alibaba Group has filed a lawsuit against the company Alibabacoin Foundation for illegal and totally deceptive use of the trademark.

Taobao banit cryptocurrency services

Taobao has updated the list of products and services that are prohibited for sale on their platform. Now the ban covers all services related to the cryptocurrency.

Founded in 2003, Taobao is a unique platform that allows individuals and small businesses to create online stores to sell their products and services. The site is among the top ten most visited websites in the world since 2018.

In the published statement it was said that certain stores are now prohibited from providing services in connection with the Initial offerings of coins (ICO). The ban will come into force on April 17.

Voznikli due to the new rules of self-regulatory measures against cryptocurrency platform. Earlier in 2015, Taobao banned individual sellers from selling bitcoin and other virtual assets. Expanding its regulatory position, the ban now covers everything that is closely related to blockchain technology, including any service or product, and even the popular hobby in 2017 — “CryptoKitties”.

In addition, existing restrictions on the sale of devices for the extraction of cryptocurrencies and training manuals on mining remain intact.

Violators will be punished

Stores that violate the new rules will be severely punished. In September 2017, the people’s Bank of China (PBoC) introduced a ban on ICO. Surprisingly, a large chunk of individual sellers remained active on the Taobao platform with ICO-related services, even after the PBOC ban. Some of them even went so far as to compose a white paper with fake information for their companies.

To date, the queries “white paper” in a search engine in Mandarin, are given references to kopirajtera servicse for writing fake documents for banned events of ICO.

Online sellers are looking for any way to get around prohibitions

In an attempt not to be caught, online stores have slightly changed the term “ICO” to “I. co” to avoid regulatory attention.

The new rules of Taobao completely close any connection of the platform with the illegal activities of ICO-projects.

Given these and other developments, it seems that the world finds it difficult to accept digital currencies everywhere and it requires a lot of time.

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