Chinese crypto news app CoinWorld closes its doors

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China’s crypto news portal CoinWorld is shutting down, the site said on Wednesday.

CoinWorld will stop all website and app operations in China, effective immediately, a notice on the website posted at 9:00 p.m. China standard time (1:00 p.m. UTC) said.

The site follows the provisions set out in a cryptocurrency document released by the Business Administration Department of the People’s Bank of China, according to the announcement.

The website was last updated at 8:42 p.m. local time.

Financial news site Jiemian reported the news earlier today, without saying where it got the information.

CoinWorld was investigated by authorities in Beijing in 2019 for illegal token issuance, local media reported at the time. China banned initial coin offerings in 2017.

CoinWorld’s app has already been removed from Chinese app stores, a Twitter user reported on Wednesday.

Founded in 2017 and based in Beijing, the app had received backing from prominent Chinese tech venture capitalists, including Shunwei Capital and ZhenFund.

Chinese regulators have repeatedly expressed concerns that cryptocurrency trading brings undue financial risk to the economy, especially as mom and pop investors enter the crypto markets.

At the end of May, the Chinese Council of Ministers, the Council of State Affairs, called for a crackdown on crypto mining to “control financial risk.”

Major mining centers like Sichuan and Inner Mongolia have taken steps to shut down local mines. As recently as yesterday, it was reported that three provinces were shutting down their local mining industries. At least four others have taken action against mining.

UPDATE (JULY 15, 14:31 UTC) An earlier version of this story attributed the news to media reports.

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