Crypto Data Provider ‘Feixiaohao’ Dubbed the “Chinese CoinGecko” Under Investigation by Chinese Police

A source close to those at the company mentioned that Feixiaohao executives had been arrested for an investigation about six months ago.

Chinese crypto data and news provider Feixiaohao is allegedly under investigation by local authorities. While the cause of the investigation remains unclear, many have attributed it to China’s crypto ban and regulatory tactics used to curb crypto usage. The ban took effect in 2021, but many companies in auxiliary verticals like media and data provision have continued to operate. China’s stance on companies providing information services around crypto is not well-explained by its regulators.

Independent Chinese crypto reporter Colin Wu, through his news reporting account on X, Wu Blockchain, provided some insights into Feixiaohao’s issues. “The reason is currently unknown and the investigation has lasted for more than half a year,” a post read.

The source he cited revealed that police in the autonomous Inner Mongolian region in north China arrested multiple executives from the company. Apparently, jail time for over 37 days in China implies something serious rather than a simple investigation.

Source: Wu Blockchain on X

Feixiaohao is often labeled the Chinese CoinGecko due to a similar feel while using the website and much the same information aggregation from across the crypto-verse. It launched in August 2017 to grow to become the biggest crypto data provider in mainland China.

Snapshot of the translated Feixiaohao landing page.

While the platform is China-based and is dominated by Chinese users, accounting for 23% of hits in July, users from other parts of Asia and the world visit it. It experienced about 200,000 footfalls in July.

Reason For the Investigation Remains Unknown

While it witnesses good usage, China’s stance on crypto makes it uncertain for crypto-related platforms in the region, even though they do not deal with the assets. The People’s Bank of China (PBoC) banned bitcoin and other cryptos in 2021, also bringing down digital asset service providers’ operations. However, crypto media and information services platforms were not asked to shut down. So, the reason for the investigation behind Feixiaohao and its executives could be anything.