Taobao, a subsidiary of the retail company Alibaba, has decided to ban Initial Coin Offering (ICO) stores from its website. The information has been released on April the 10th in an official statement by Taobao. In this way, Taobao’s customers will not be able to see ICO-related companies or services.
Taobao Bans Initial Coin Offerings from its Platform
According to the official statement released by the company, the new policies are an updated stance towards cryptocurrencies and ICOs. Companies that operate with Taboao will not be able to offer bitcoin, cryptocurrency, or ICO-related services to their customers. At the same time, crypto mining tutorials and hardware will also be banned.
The new regulatory framework will start to be operative since April the 17th. The company explained that ICOs and other similar digital products will be included in the new restrictions. At the same time, the company explains that products based on blockchain will be controlled exhaustively.
China and many other countries like South Korea, have been taking strict measures in order to control and regulate the cryptocurrency market in general. The main intention behind the ban is to protect users from fraudulent activities and other scams.
The measure taken by Taobao is in line with what other important companies are doing. Apparently, some fraudulent enterprises have been profiting from investors that put their money in fake ICOs or virtual currencies.
Additionally, Taobao explained that no institution is able to provide trading, exchange, payment, or other services linked to cryptocurrencies or digital assets.
Facebook, Twitter, Google Ban
Some time ago, Facebook, Google, Twitter, and Mailchimp decided to ban cryptocurrency, ICO, and similar ads. Apparently, they are also trying to fight against the different scams that appeared in the community.
Scott Spencer, Google’s director of sustainable ads explained:
“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm potential for consumer harm that it’s an area that we want to approach with extreme caution.”
Facebook has also given its comments as well. Rob Leathern, Product Management Director at Facebook updated Facebook’s advertising policies. The statement reads as follows:
“We’ve created a new policy that prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, and cryptocurrency.”
In this way, the whole industry is trying to protect their users against possible scams, fraudulent schemes, and other possible thefts. Regulations around the world are expanding, and until they will not be prepared and effective, companies will keep taking these restrictive measures.
Image Courtesy of Hacker Noon and
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