• The Latin American e-commerce firm had recently obtained a $750 million investment from PayPal.
• The company is also cracking down upon pre-paid cards that are typically used for games.

Mercado Libre, Inc., (Mercado Libre), a renowned Argentine e-commerce & online auctions firm, has reportedly announced the ban of cryptocurrency-related listings on its online platforms.

Reports cite, a notice sent to company vendors also states that the company would be cracking down upon pre-paid cards that are typically used for games. While, it is not yet clear why the company has chosen to go down this route,         it should specifically be noted that it recently received a sizable investment of $750 million from the Elon Musk-founded PayPal.

According to a report by Cryptomoedas Facil, all the vendors that are currently active on the Mercado Libre platform have been informed by the company to terminate any of their advertisements that are related to the topics presently under question, else the company would automatically terminate them.

The CEO of Mercado Libre, Marcos Galperin stated that over the previous 20-year period, the company has heavily invested in the development of the pre-eminent FinTech and e-commerce ecosystem across Latin America. Galperin further added that this investment would be enabling the company to significantly expedite its growth. The company now looks forward to accelerating its leadership in e-commerce & payments sector and also foster the financial inclusion throughout Latin America as an outcome of its alliance with PayPal.

The President & CEO of PayPal, Dan Schulman stated that digital commerce across Latin America is witnessing immense growth & Mercado Libre has well-positioned itself for continued leadership. Schulman further added that the company is impressed with payments ecosystem & digital commerce built by Mercado Libre. PayPal sees massive opportunities to integrate its respective capabilities to create valuable & unique experiences for the company’s 500 million across the region & the world.

According to reports, the proposed ban on crypto-related listings would be coming into effect on March 19 this year.