The move is understandable given the pressure by government on businesses regarding cryptocurrencies. It is unclear if Alibaba will follow suit though it recently launched a cryptocurrency mining platform.
Customers and users of Taobao, an internet shopping site owned by Alibaba, will from April 17, no longer be able to provide products and services related to Initial Coin Offerings (ICOs).
This include services such as technological development, marketing and business proposal writing to mention a few. The new policy now prohibits any service relating to crypto including crypto commodities like CryptoKitties.
The move is understandable that the company is in China and the recent clampdown on ICOs by the People’s Bank of China last September. The company says it will punish any store that violates the new rules.
The platform hosted stores to have helped crypto projects draw up white papers with fake information. These projects provided white-paper copywriting services for blockchain and ICO fundraising activities.
These and others remained active even after ICO ban by the bank. This was possible by disguising the term ICO to “I.CO”, for instance.
The prohibition extends also to the selling of cryptocurrency mining devices and offering mining tutorials.
This is according to a recent update by the company to its policy, which now includes crypto-related products as among those prohibited.
Taobao banned individuals from selling virtual currencies and therefore the current update is a tightening of the policy related to cryptocurrencies.
Joins recent spat
Google, Facebook, and Twitter (with some exceptions) are all up in arms against cryptocurrencies and related services. Even MailChimp announced recently ban on email promotions for cryptocurrency services. Taobao is following that route.
It is unclear if Alibaba will follow suit. It is highly unlikely given that they just launched a crypto mining platform in China. The platform is P2P Nodes according to a local media, Tencent News, and it is registered.