Coindesk Logo

Chinese Brokerages Look Overseas to Offer Crypto Trading: Report

Chinese Brokerages Look Overseas to Offer Crypto Trading: Report

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.

Brokerage platforms Tiger Brokers and Futu said they will offer crypto trading specifically to customers outside mainland China.

Brokerage platforms Tiger Brokers and Futu said they will offer crypto trading specifically to customers outside mainland China.

AccessTimeIconJun 1, 2021, 10:59 AM
Updated Aug 19, 2021, 9:48 AM

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

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 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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.