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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.
Updated Sep 14, 2021, 1:04 p.m. Published Jun 1, 2021, 10:59 a.m.
Chinese brokerage platforms Tiger Brokers and Futu are planning to expand into digital-currency overseas amid Beijing's crypto crackdown.
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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.
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Read more: Huobi Scales Back Due to China Crackdown; Bitcoin Falls Below $32K, Ether Past $2K
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