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Chinese Brokerages Look Overseas to Offer Crypto Trading: Report
Brokerage platforms Tiger Brokers and Futu said they will offer crypto trading specifically to customers outside mainland China.
Chinese brokerage platforms Tiger Brokers and Futu are planning to expand into digital-currency overseas amid Beijing's crypto crackdown.
STORY CONTINUES BELOW
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- Beijing-based Tiger Brokers and Shenzhen-based Futu both unveiled plans to offer crypto trading during their earnings calls, the South China Morning Post reported Tuesday.
- Both firms said they would only be targeting clients outside mainland China.
- Chinese regulators announced recently the country would take a stricter approach to bitcoin mining, with the People's Bank of China prohibiting financial institutions from providing services to crypto companies.
- "We're in the process of applying for digital currency-related licenses in the U.S., Singapore and Hong Kong," Robin Li Xu, senior vice president of Tencent-backed Futu, said on May 19.
- Wu Tianhua, CEO of Xiaomi-backed Tiger, said on May 25 that the firm is applying for "relevant licenses" to offer crypto trading, without indicating specific markets.
Read more: Huobi Scales Back Due to China Crackdown; Bitcoin Falls Below $32K, Ether Past $2K
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
