Taobao is a Chinese online shopping website, headquartered in China, and is a subsidiary of Alibaba Group. It facilitates consumer-to-consumer retail by providing a platform for small businesses and individual entrepreneurs to open online stores that mainly cater to consumers in Chinese-speaking regions.
On April 10, 2018 Taobao has announced the new policy regarding the goods banned on the platform. The changes are concerned with the increased control of crypto and ICO-related products.
Taobao ban for product management specifications focuses on the goods related to blockchain technology, virtual currency and other digital products and services. It is stated that digital currency and similar digital products can easily be used for speculation and illegal fund-raising and can lead to a financing risk.
The ban concerns Bitcoin, Litecoin, Biocoin, Quark, Unlimited, Cocoa, Penny, PPCoin, NameCoin and other digital currencies; products with the same technical properties and generating mechanisms as digital currency, such as digital pets generated based on blockchain technology; digital currency tutorials, strategies and software, such as mining hardware; ICO and derivative services which provide digital currency, such as technology development, business planning, brokerage, marketing, and other.
The new rules come into effect on April 17, 2018.