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08/29/2024

China's "CoinGecko" Feixiaohao Under Investigation by Local Police — Report

Feixiaohao, one of China's largest crypto market data websites, is reportedly being investigated by local police. Feixiaohao, a leading Chinese crypto market data and industry news provider, is currently under investigation by local police. Several key executives at Feixiaohao are reportedly being detained as part of an ongoing investigation in Inner Mongolia, an autonomous region in northern China, according to Chinese crypto journalist

China's "CoinGecko" Feixiaohao Under Investigation by Local Police — Report

Feixiaohao, one of China's largest crypto market data websites, is reportedly being investigated by local police.

Feixiaohao, a leading Chinese crypto market data and industry news provider, is currently under investigation by local police.

Several key executives at Feixiaohao are reportedly being detained as part of an ongoing investigation in Inner Mongolia, an autonomous region in northern China, according to Chinese crypto journalist Colin Wu on his Wu Blockchain News channel on August 28.

Wu cited a report from a local crypto channel on WeChat, noting that "multiple core team members of Feixiaohao" had been taken away by Inner Mongolia police for investigation.

Reason for Investigation Not Yet Disclosed

According to Feixiaohao's official website, the crypto data platform officially launched in August 2017, becoming the largest crypto market data website in Simplified Chinese.

The site is commonly referred to as the Chinese equivalent of CoinGecko, a major global platform that tracks the market capitalization of over 14,000 cryptocurrencies.

According to Wu's sources, the reason behind the investigation into Feixiaohao remains unknown, while the probe is said to have been ongoing for more than six months.

"Multiple exchange partners of Feixiaohao say they have been unable to reach them," Wu stated.

Cointelegraph reached out to Feixiaohao for comment on the investigation and the detentions, but had not received a response by press time.

Site Remained Active After China's Major Bitcoin Ban

According to data from web traffic analytics firm SimilarWeb, Feixiaohao recorded approximately 200,000 monthly visits in July 2024. The largest share of traffic came from China, accounting for 23% of Feixiaohao's total global visits in the prior month.

Feixiaohao's user base inside China could be considered significant, particularly given the mainland's hardline stance toward the crypto market.

China's central bank, the People's Bank of China (PBoC), officially implemented a sweeping set of restrictions on the crypto market in mainland China in September 2021 as part of another effort to curb crypto adoption in the country.

Related: Crypto Pyramid Scheme Ringleader Extradited to China After Global Manhunt

Local industry sources said China's crypto ban did not put local crypto media outlets at risk, though several major crypto news sites like ChainNews subsequently shut down without explanation in November 2021.

Since many news channels tied to China's crypto industry have continued to operate, it remains unclear whether providing crypto information services in mainland China is considered illegal.