Chinese Brokerages Look Overseas to Offer Crypto Trading: Report

Chinese Brokerages Look Overseas to Offer Crypto Trading: Report

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.
  • Source

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