Chinese E-Brokerages Unveil Crypto Trading Plans

Two Chinese online brokerages backed by major tech titans shared plans about expanding into crypto trading in the midst of a domestic crackdown.

Tencent-backed Futu and Xiaomi-backed Tiger Brokers both unveiled crypto trading plans in their latest quarterly earnings call.

Tiger Brokers said it was in the process of applying for relevant licenses for crypto trading without naming any markets.

Futu senior vice president Robin Li Xu said the firm was applying for crypto-related licenses in the U.S., Singapore and Hong Kong.

Since China’s most recent announcement to crack down on crypto, related firms are increasingly shifting operations abroad including miners who are seeking alternatives such as North America.

According to Futu and Tiger Brokers, their crypto offering will only target customers not based in mainland China.