Chinese crypto news portal CoinWorld has announced at their site on Wednesday that they will be shutting down all website and app operations in China effective immediately.
The announcement shared that the site is following provisions laid out in a document on cryptocurrencies issued by the Business Administration Department of the People’s Bank of China and is actively cooperating with the regulatory authorities’ industry rectification requirements.
Financial news site Jiemian reported CoinWorld’s shutdown earlier on Thursday without mentioning the source of their information.
The website made its last update at 8:42 p.m. local time Thursday.
Beijing authorities have investigated CoinWorld in 2019 for illegal token issuance. China outlawed initial coin offerings in 2017.
Chinese app stores already delisted CoinWorld’s app from their platform on Wednesday.
CoinWorld was founded back in 2017 in Beijing and had received initial funding from prominent Chinese tech venture capitalists including Shunwei Capital, Qifu Capital, and ZhenFund.
CoinWorld mainly provides users with global digital currency transactions, market conditions, newsletters, and in-depth content.