Taobao, a Subsidiary of Alibaba, Bans Stores From Providing ICO Services

Taobao, a Subsidiary of Alibaba, Bans Stores From Providing ICO Services  Taobao, the Chinese online shopping site, which is the subsidiary of Alibaba, announced that they will be banning any store that provides services related to Initial Coin Offerings (ICOs), according to reports published on April 10. The ban is an addition to the restrictions already in place regarding cryptocurrency related items. These services include restrictions on customers and merchants from selling Bitcoin, cryptocurrency mining tutorials, Bitcoin mining machines as well as other related hardware on Taobao.  This new restriction will take effect on April 17. The new rules now cover ICO’s and other similar digital products. It also increases control of digital products that are based on blockchain technology. Taobao’s goal is to protect its users from financial risk associated with ICO, which may include fund raising and speculative donations. They state that online stores which violate these new rules will suffer punitive measures. Just last week, Alibaba sued the ICO (Dubai-based Alibaba coin) for copyright infringement as well as misleading users by utilizing the company’s name.

Taobao, the Chinese online shopping site, which is the subsidiary of Alibaba, announced that they will be banning any store that provides services related to Initial Coin Offerings (ICOs), according to reports published on April 10.

The ban is an addition to the restrictions already in place regarding cryptocurrency related items. These services include restrictions on customers and merchants from selling Bitcoin, cryptocurrency mining tutorials, Bitcoin mining machines as well as other related hardware on Taobao.

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This new restriction will take effect on April 17. The new rules now cover ICO’s and other similar digital products. It also increases control of digital products that are based on blockchain technology.

Taobao’s goal is to protect its users from financial risk associated with ICO, which may include fund raising and speculative donations. They state that online stores which violate these new rules will suffer punitive measures.

Just last week, Alibaba sued the ICO (Dubai-based Alibaba coin) for copyright infringement as well as misleading users by utilizing the company’s name.

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