Chinese Stock Trading App Remove Crypto Price Tracking Under Regulatory Pressure
A Chinese stock trading app has removed its cryptocurrency price tracking feature two weeks after its crypto service went online. It is supposed to be a quick response to the regulation on cryptocurrency in the country, according to insiders.
The app named Tonghuashun (literally “straight flush”) is a popular mobile stock portfolio tracker in China with over 380 million registered users and 11 million daily active users as of late 2017. On May 17th, it added cryptocurrency price tracking feature in its iOS version, where real-time price index of mainstream cryptocurrencies including BTC, ETH, LTC and XRP was presented. It was even a week earlier than the debut of iPhone’s crypto price tracking feature in its pre-installed stock app.
The move was meant to attract potential users – crypto investors in the country. Considering the A share has been in bear market for three years in a row, more and more stock traders are turning their eye on crypto-asset, while few of them would like to download a standalone crypto price tracker. The app thus rolled out the new crypto service, though trend analysis and in-app crypto trading had not yet been provided.
It was a bullish news for crypto investors in the country. The price of bitcoin indeed edged up 1% after that. Some even predicted that it is only a matter of time for the country’s regulators to lift the crypto ban.
However, just two weeks later, it was removed, searching for the feature in the app leads to nothing.
Prior to that, some reports have questioned the legality of this service, as Beijing has made clear of its determined stance on ICOs and cryptocurrency trading, “any platform is not allowed to provide business related to fiat-to-token/cryptocurrency trading, nor intermediary services such as offering crypto pricing and information, etc.”
The news came after the massive crackdown of cryptocurrency scams and pyramid schemes, as previous reports by 8btc, police have busted Onecoin scam, tea-token scam and Datang Coin. Regulators seem to make great effort to erase it from the Chinese market recently. CCTV, the country’s government mouthpiece, has been airing a serial investigatory news report revealing the unabated cryptocurrency market in the country.
Though Chinese president Xi Jinping recently remarked that blockchain is a critical technology along with artificial intelligence, internet of things that China should seize to thrive in the global economy, it is obvious that regulators of the country have totally different attitude towards cryptocurrencies and its underpinning technology – blockchain.