As a seasoned researcher with extensive experience in the Chinese crypto market, I find the situation surrounding Feixiaohao intriguing yet concerning. My years of immersion in this dynamic field have given me a unique perspective on China’s complex relationship with cryptocurrencies and its regulatory environment.
A reliable insider disclosed that top officials from Feixiaohao were detained approximately six months back due to an ongoing probe.
It appears that the Chinese crypto data and news provider Feixiaohao is reportedly being probed by local authorities, though the specific reasons for the inquiry remain undisclosed. Some speculate that this could be connected to China’s prohibition of cryptocurrencies, as well as regulatory measures aimed at limiting crypto activity. The ban was implemented in 2021; however, businesses offering services like media and data provision have managed to persist. It seems that the government’s position on companies operating in information services related to crypto is not explicitly clarified by its regulators.
Independent Chinese cryptocurrency journalist, Colin Wu, offered some insights via his Wu Blockchain news outlet on the ongoing issues facing Feixiaohao. As of now, the cause remains unclear, with investigations stretching over six months.
According to the reference provided, authorities in the self-governing Inner Mongolia area of northern China detained several high-ranking officials from a particular firm. It appears that being held for more than a month in China suggests a significant offense, rather than a routine inquiry.
Source: Wu Blockchain on X
Feixiaohao, frequently referred to as the “Chinese CoinGecko,” shares a similar user experience and gathers data from various cryptocurrency sources much like its namesake. It was introduced in August 2017 and has since expanded to become the largest provider of crypto data in mainland China.
Snapshot of the translated Feixiaohao landing page.
Although primarily popular among Chinese users who accounted for 23% of its traffic in July, this platform also attracts visitors from various regions across Asia and globally. In total, it recorded approximately 200,000 visits during that month.
Reason For the Investigation Remains Unknown
In China, while there’s been ample usage of cryptocurrencies, the government’s stance on them remains uncertain, especially for crypto-related platforms. This uncertainty stems from the ban imposed by the People’s Bank of China (PBoC) on cryptos like bitcoin in 2021 and the subsequent closure of digital asset service providers. However, crypto media and information services were not ordered to close down. Therefore, the investigation into Feixiaohao and its executives could be due to various reasons.
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2024-09-02 07:03