The two companies have set out to enter the global trading market after Beijing is, once again, cracking down on Bitcoin trading in the country.
According to a report in the South China Morning Post, the Beijing based Tiger Brokers and Shenzhen headquartered Futu have unveiled plans to start offering crypto trading services to a global pool of investors for a share of the expanding worldwide market.
Both companies will not accept clients from mainland China, however.
Authorities in their home country recently reiterated a ban on cryptocurrency trading, with the Chinese government going after crypto exchanges and payment service providers. Decision makers in the country also vowed to closely monitor the huge crypto mining industry in China.
The brokerage firms have said that they are applying for relevant licenses to offer crypto trading.
Futu confirmed that work is underway to acquire digital currency related license in the US, Singapore, and Hong Kong. Tiger also confirmed that it is in the process of application, without indicating specific markets.
Looks like big competition is on the horizon!
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