Chinese brokerage firms to offer crypto trading overseas

Crypto Trader

Chinese Brokerage platforms Tiger Brokers and Futu have set their sights oversees, with both companies sharing plans to offer crypto trading specifically to customers outside mainland China.

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.

This will put them in competition with established platforms like Robinhood and eToro.

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.

Tiger Brokers is backed by Chinese smartphone giant Xiaomi, while Futu is supported by the Chinese technology conglomerate Tencent.

Looks like big competition is on the horizon!

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