Chinese Crypto Market Data Provider Feixiaohao Under Police Investigation #ChinaCrypto

China Chinese Yuan. Feixiaohao

Feixiaohao is under investigation by the Inner Mongolia police which has led to the arrest of key executives of the company. 

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Feixiaohao, a leading cryptocurrency market data provider in China, is currently under investigation by the Inner Mongolia police. The investigation, which has reportedly been ongoing for over six months, has led to the arrest of several key company executives.

While the precise reasons behind the investigation are undisclosed, there are indications that it may involve compliance issues or disputes related to the platform’s business practices.

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Feixiaohao has been a prominent player in China’s crypto ecosystem since its launch in 2017. It offers real-time data on digital assets and exchanges and is a major resource for cryptocurrency enthusiasts in the country.

Feixiaohao Investigation: What Crime Have They Committed?

Feixiaohao, often dubbed the Chinese version of CoinGecko, was established in August 2017 and quickly became the largest simplified Chinese crypto market data website, providing extensive information on over 14,000 cryptocurrencies.

Despite its success, the platform now faces significant legal challenges.

Reports suggest that Inner Mongolia authorities may investigate Feixiaohao for promoting dubious exchanges and scam tokens, a persistent issue within the broader crypto market.

As cryptocurrency journalist Colin Wu reported on August 28, the Inner Mongolia police investigation has raised concerns about the platform’s operations and compliance with Chinese laws.

Multiple sources, including Wu’s channel, Wu Blockchain News, indicate that many of Feixiaohao’s exchange partners have been unable to contact the company, adding to the uncertainty surrounding its future.

Despite these legal troubles, Feixiaohao continues to operate and update its website, with the most recent articles dated August 30, 2024.