In Taiwan, CoinWorld exchange (Yin Tianxia International Management Consulting) was removed from the Financial Supervisory Commission's cryptocurrency business list today (8th), effectively preventing it from continuing operations, which has sparked speculation. The official also posted an announcement today, stating that "store locations have been threatened" and would face adverse consequences, thus deciding to proactively terminate their business.
In recent years, with increasing market volatility and numerous illegal incidents involving businesses
A large number of users began flooding our stores, including those attempting to break through blockades.
Stores even received threatening demands to cancel risk control mechanisms, otherwise facing potential harm.
After comprehensive and cautious risk and resource allocation assessment,
we chose to proactively submit a business termination application to the regulatory authorities and have completed the announcement procedure.
From the date of submission, our company will no longer provide any virtual currency trading services.
BlockTempo received information from an anonymous source stating that CoinWorld's decision to proactively end its business was primarily due to other businesses seemingly copying its logo, copyrighted text, copywriting, and website content, causing CoinWorld to be misunderstood by many customers as "collaborating" with other businesses.
The source continued, after Bi Xiang Technology's fraud and money laundering scandal in April, customers flocked to CoinWorld stores, improving business. However, due to some customers misunderstanding CoinWorld's collaboration with other businesses, sporadic conflicts erupted. Additionally, with numerous negative VASP news recently, CoinWorld's responsible team decided to submit a termination application to the Financial Supervisory Commission and issued various clarification statements.
Another source indicated that some of CoinWorld's physical stores were originally established by early OTC veterans, who later became affiliated with the exchange. The original interpersonal relationships were already complex, and with the exchange facing Financial Supervisory Commission inspections, the management team could not completely control whether store operators were conducting private businesses. In an unmanageable situation, potential conflicts might arise, so they decided to cease operations.
