A large number of companies responded to the regulation, Alibaba International Station will ban the sale of mining machines

The new round of virtual currency regulatory policies since September 24 continues to have a huge impact on the field.
On September 27, Alibaba International Station officially released the "Announcement on the Prohibition of the Sale of Virtual Currency Mining Products", stating that it will only sell virtual currency mining products starting from October 8.
The announcement stated that according to the provisions of relevant laws and regulations, as well as the instability of laws and regulations on virtual currencies and virtual currency-related products in various international markets, after evaluation by the platform, the platform will prohibit merchants from selling virtual currency mining products on the basis of prohibiting the sale of virtual currencies such as Bitcoin, Litecoin, Biocoin, Quarkcoin, Ethereum, etc., including but not limited to: 1. Bitcoin mining machines and other hardware and software used to obtain related virtual currencies; 2. Tutorials, strategies and software for obtaining virtual currencies, such as mining tutorials. The announcement will take effect on October 8, 2021.

Image source: Alibaba International Station official website Image source: Alibaba International Station official website

On the same day, cryptocurrency exchange BiKi announced that it would cease operations.
On September 28, the cryptocurrency exchange BiKi issued an "Announcement on the Suspension of BiKi Platform Operations", stating that in response to regulatory policy requirements, it had stopped registration and KYC for new users in mainland China on September 26, 2021. After that, BiKi will orderly clear out existing users while ensuring asset security and sufficient processing time, and will officially cease operations on November 30, 2021. At that time, users will not be able to access the webpage and APP, and unwithdrawn assets will enter the manual payment custody procedure.
However, BiKi did not mention how to deal with the BIKI tokens issued by the platform.
Since the People's Bank of China and ten other departments issued the "Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading Speculation" on September 24 and the National Development and Reform Commission issued the "Notice on Regulating Virtual Currency "Mining" Activities", many related companies have begun to embrace supervision and stop providing services in mainland China, covering various types of companies including exchanges, financial service providers, mining pools, and market inquiries.

Image source: BiKi official website Image source: BiKi official website

However, after the announcement of this round of regulation, the cryptocurrency market did not experience huge fluctuations. On September 4, 2017, the official website of the People's Bank of China officially released the "Notice of the People's Bank of China, the Central Cyberspace Affairs Office, the Ministry of Industry and Information Technology, the State Administration for Industry and Commerce, the China Banking Regulatory Commission, the China Securities Regulatory Commission and the China Insurance Regulatory Commission on Preventing Risks in the Issuance and Financing of Tokens". Subsequently, the price of Bitcoin plunged 7% and experienced a cumulative correction of more than 50% within a few days.
As of press time, the latest price of Bitcoin is $41,904.6, a daily drop of about 3.16%, and the price of Ethereum is currently $2,895.1, a daily drop of 6.5%. (Jiemian News)