Stock Trading App Removes Crypto Price Tracking After Debut

A new service for tracking cryptocurrency prices on a popular stock trading app has become unavailable, possibly due to regulatory rumblings.

May 31, 2018 at 9:00 a.m. UTC
Updated Sep 13, 2021 at 8:00 a.m. UTC

A popular Chinese mobile stock trading app appears to have removed its cryptocurrency price tracking feature just two weeks after the new service went live – possibly due to regulatory rumblings in the country.

Reports first emerged on May 17 that the app – called Tong Huashun (or "Straight Flush" in literal translation) – had added the crypto-asset price tracking feature in its iOS version. The service offered a real-time price index for major cryptocurrencies by market capitalization, such as bitcoin, bitcoin cash, ethereum, XRP and litecoin, though did not provide in-app crypto trading.

According to the company's 2017 financial statement filed with the Shenzhen Stock Exchange, Tong Huashun reported 11 million daily active users on its free mobile stock trading app.

Currently, however, searching for the feature inside the application leads to a page that indicates the service does not exist.

CoinDesk - Unknown

Meanwhile it remains unclear what has led to the change. At press time, representatives from the company have yet to respond to CoinDesk's request for comment on the reasons for the change.

However, the news comes after municipal-level government mouthpiece Beijing News called the application's crypto tracking service "questionable" and "walking a thin line."

Citing a legal expert from the Bank of China, the report on May 17 said that, although the offering may not fall under the existing scope of China's ban on token trading, it should be noted that the ban is not exclusive and could be extended to China-based platforms that merely provide data on cryptocurrency prices.

Chinese stock board image via Shutterstock

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Portuguese Congress Rejects Two Bills Seeking to Tax Crypto

The proposals were submitted by two leftist parties. The government, which also seeks to apply taxes, hasn’t submitted a proposal so far.

The proposals were submitted by two leftist parties. The government, which also seeks to apply taxes, hasn’t submitted a proposal so far.

CoinDesk - Unknown
2
CoinDesk - Unknown
First Mover Asia: Regulatory Attention on Terra Could Change South Korean Trading Environment; Bitcoin Goes Sideways

The founders of two prominent crypto-related organizations said tightened restrictions could make it difficult for foreign tokens to list on Korean exchanges, discouraging projects from trying.

The founders of two prominent crypto-related organizations said tightened restrictions could make it difficult for foreign tokens to list on Korean exchanges, discouraging projects from trying.

CoinDesk - Unknown
3
CoinDesk - Unknown
A16z Doubles Down on Crypto Investments Despite Market Downturn, and NFL Launches Play-to-Earn NFT Game

The most valuable crypto stories for Wednesday, May 25, 2022.

The most valuable crypto stories for Wednesday, May 25, 2022.

CoinDesk - Unknown
4
CoinDesk - Unknown
OCC: ‘No Contagion’ Post-Terra Collapse

A surprisingly measured set of comments from Acting Comptroller Michael Hsu.

A surprisingly measured set of comments from Acting Comptroller Michael Hsu.

CoinDesk - Unknown