Insiders Reveal Reasons Behind CoinWorld Exchange’s Termination of Operations
According to informed sources, CoinWorld Exchange (registered as Yin Tian Xia International Management Consulting) has announced the reasons behind its decision to cease operations.
(Background: CoinWorld (Yin Tian Xia) has been removed from the “Compliant Exchanges” list by the Financial Supervisory Commission! The official statement indicated a voluntary termination of business.)
(Supplementary Background: CoinX Technology has been delisted by the Financial Supervisory Commission! After the financial investigation, its compliance qualification was revoked, making continued operations unlikely.)
Today (8th), CoinWorld Exchange (Yin Tian Xia International Management Consulting), which has established multiple physical stores across Taiwan, was removed from the list of cryptocurrency operators by the Financial Supervisory Commission, effectively ceasing its operations, which has raised concerns among many. The official announcement today stated that “stores have received threats,” and failure to comply would adversely affect the stores, leading to the decision to voluntarily terminate business.
In recent years, with increasing market volatility and a multitude of operators involved in illegal activities, a large number of users began flocking to our stores, including those attempting to breach blockade lines.
Each store has even received threats demanding the cancellation of risk control mechanisms, or else there would be adverse consequences for the stores.
After a comprehensive assessment of risks and resource allocation, we chose to proactively apply to the competent authority for the termination of business and have completed the announcement procedures.
As of the date the application was submitted, our company will no longer provide any virtual currency trading services.
According to anonymous insiders, the primary reason CoinWorld chose to voluntarily end operations is that other operators allegedly imitated its logo, copyrighted text, copywriting, and website content for their business use, leading many customers to mistakenly believe CoinWorld was “working together” with other operators.
The informant continued to explain that after the fraud and money laundering scandal involving CoinX Technology broke out in April, customers began to flock to CoinWorld stores, leading to improved business. However, due to some customers mistakenly believing that CoinWorld was collaborating with other operators, sporadic conflicts arose. Coupled with the recent negative news surrounding VASP, CoinWorld’s management team decided to apply for termination of operations to the Financial Supervisory Commission and issued various clarifications.
Another source pointed out that some of CoinWorld’s physical stores were originally established by veteran OTC operators, which later became affiliated with the exchange. The interpersonal relationships were already quite complex, and with the exchange facing inspections from the Financial Supervisory Commission, the management team could not fully control whether the store operators were conducting their own businesses privately. In a situation where control was difficult, potential conflicts could arise, leading to the decision to cease operations altogether.
