Two Chinese online brokerages have set out to enter the global crypto trading market. The platforms, Tiger Brokers and Futu, are planning to offer their services only outside the People’s Republic as Beijing is once again cracking down on bitcoin trading in the country.
Major Chinese Online Brokers Dive Into Crypto Trading
Beijing-based Tiger Brokers and Shenzhen-headquartered Futu, China’s leading online brokerages, have unveiled plans to start offering crypto trading services, the South China Morning Post reported on Tuesday. The Nasdaq-listed companies want to compete with established platforms such as Robinhood and Etoro for a share of the expanding global market.
The two companies will not accept clients from mainland China, however, as authorities in their home country have recently reiterated a ban on cryptocurrency trading. The Chinese government has been going after crypto exchanges and payment service providers while vowing to continue closely monitoring China’s huge crypto mining industry.
The brokers have announced their intentions to