Chinese Brokerages Look Overseas to Offer Crypto Trading: Report
1 Jun, 2021•1 min read•Other
Chinese brokerage platforms Tiger Brokers and Futu are planning to expand into digital-currency overseas amid Beijing’s crypto crackdown.
Beijing-based Tiger Brokers and Shenzhen-based Futu both unveiled plans to offer crypto trading in 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 that 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 licences 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 licences" to offer crypto trading, without indicating specific markets.