- Feixiaohao, likened to China’s CoinGecko, faces police investigation with several executives reportedly detained.
- The investigation, ongoing for over six months, has undisclosed reasons with communication challenges reported by exchange partners.
- Despite China’s stringent crypto regulations since 2021, Feixiaohao continues to operate and publish updates.
Recent reports have emerged that Feixiaohao, a prominent provider of cryptocurrency market data in China, is currently under scrutiny by local law enforcement. The situation has escalated with the reported arrest of key company executives, sparking concerns within the crypto community.
Feixiaohao, established in August 2017, has grown to become one of the leading sources of cryptocurrency data in China, similar to the globally recognized CoinGecko. The platform provides detailed market data and has been pivotal in offering insights to Chinese-speaking crypto enthusiasts.
Journalist Colin Wu, via his platform Wu Blockchain News, reported on August 28 that Inner Mongolia police are conducting an investigation involving several of Feixiaohao’s top executives. This news has been corroborated by other local sources, though the specific reasons behind the investigation remain undisclosed.
Operational Amidst Scrutiny
Despite the ongoing legal scrutiny, Feixiaohao’s website continues to function normally, with updates being posted as recently as August 30. This ongoing operation highlights the platform’s resilience and the uncertain nature of the legal challenges it faces.
The arrest of its executives has not halted its day-to-day functions, indicating a possible separation between the individuals under investigation and the platform’s operational capabilities.
Feixiaohao’s significant user base, particularly in China, underscores the platform’s importance. According to July 2024 data from SimilarWeb, Feixiaohao received around 200,000 visits, with a substantial portion coming from within China. This level of engagement is noteworthy given the stringent crypto regulations in place since September 2021, led by the People’s Bank of China.
Continued Relevance in a Regulated Landscape
The ongoing situation raises questions about the legal standing of crypto-related information services in China. While several platforms ceased operations following the 2021 crackdown, Feixiaohao’s continued activity suggests a complex regulatory environment. The platform’s ability to continue operating, despite the arrests and the overarching regulatory framework, points to a nuanced legal landscape for crypto media in China.
