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08/29/2024

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

Launched in 2017, Feixiaohao is one of many Chinese websites that continued operating even after China's sweeping crypto ban took effect in 2021. Feixiaohao, one of China's leading crypto market data providers and industry news outlets, is currently under investigation by local police. Several of Feixiaohao's key executives are reportedly detained as part of an ongoing investigation in Inner Mongolia, an autonomous region in northern China, according to

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

Launched in 2017, Feixiaohao is one of many Chinese websites that continued operating even after China's sweeping crypto ban took effect in 2021.

Feixiaohao, one of China's leading crypto market data providers and industry news outlets, is currently under investigation by local police.

Several of Feixiaohao's key executives are reportedly 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, stating that "multiple key members of the Feixiaohao team" had been taken away by Inner Mongolia police for questioning.

Reason for Investigation Remains Unclear

According to Feixiaohao's official website, the crypto data platform officially launched in August 2017, positioning itself as the largest Chinese-language crypto market data website.

The site is commonly referred to as the Chinese version of CoinGecko, a major global platform for tracking the market cap of over 14,000 cryptocurrencies.

Per 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 noted.

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

Despite reports of the arrests, the website has continued publishing new articles in its news section, with the most recent posts dated August 30.

Feixiaohao Kept Operating After China's Major Bitcoin Ban in 2021

According to data from web traffic analytics platform SimilarWeb, Feixiaohao drew roughly 200,000 monthly visits in July 2024. The largest share of that traffic came from China, accounting for 23% of Feixiaohao's total global visits the previous month.

Feixiaohao's user base inside China is notable, especially given the mainland's hard-line stance on crypto markets.

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

Local industry sources indicated that China's crypto ban did not directly threaten domestic crypto media outlets, although major crypto news organizations like ChainNews subsequently shut down without explanation in November 2021.

With numerous Chinese channels covering the industry still operating, it remains unclear whether providing crypto information services in mainland China will ultimately be deemed illegal.