China’s crypto news app CoinWorld is shutting down

Chinese crypto news portal CoinWorld is shutting down, Chinese media reported on Wednesday without saying where they got the information.

The site will stop all website and applications, effective immediately, financial news site Jiemian reported.

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

CoinWorld’s app has already been delisted from Chinese app stores, one Twitter user reported.

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

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

In late May, China’s council of ministers, the State Council, called for a crackdown on crypto mining to “control financial risk.”

Major mining hubs like Sichuan and Inner Mongolia have taken steps to shut down local mines. Just yesterday it was reported that three provinces were shutting down their local mining industries. At least another four have taken steps against mining.