Tiger Brokers and Futu to Offer Crypto Trading Services Outside China – Bitcoin News

While most of the cryptocurrency community is focused on new opportunities in overseas markets, the Asian financial markets are also pushing forward for cryptocurrency adoption. JP Morgan, Goldman Sachs, and other global financial giants are all looking for ways to create a suitable cryptocurrency trading platform, and now it seems that one of the biggest Asian financial institutions has also joined the race.

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Tiger Brokers and Futu, two popular Chinese bitcoin exchanges, have launched cryptocurrency trading services outside of China. The two companies are affiliated with each other and will be launching services in Hong Kong, primarily. Because of the recent crackdown on digital currency exchanges in China, Tiger Brokers and Futu decided to explore the potential of their services in other countries.

Tiger Brokers, a Dallas-based cryptocurrency-trading firm, has announced it is opening up its platform to customers outside China. Although the company has been offering cryptocurrency trading services since 2015, it has only been available to Chinese traders.. Read more about what is crypto trading and let us know what you think.

Two Chinese online brokers want to enter the global cryptocurrency trading market. The platforms, Tiger Brokers and Futu, plan to offer their services only outside the People’s Republic as Beijing reimposes restrictions on bitcoin trading in the country.

China’s top online brokers step into trading cryptocurrencies

Beijing-based Tiger Brokers and Shenzhen-based Futu, China’s leading online brokers, have announced plans to offer trading in cryptocurrencies, the South China Morning Post reported Tuesday. Nasdaq-listed companies are trying to compete with established platforms like Robinhood and Etoro for a share of the growing global market. word-image-404 However, both companies will not accept customers from mainland China, as authorities in their home countries recently confirmed a ban on cryptocurrency trading. The Chinese government has been targeting crypto currency exchanges and payment service providers, promising to keep a close eye on China’s massive crypto currency mining industry. Brokers announced plans to expand trading in digital currencies during their first quarter earnings announcement, reports SCMP. According to the publication, the main target audience will be young mobile traders living outside the PRC. This global market is booming as cryptocurrency prices have risen in recent months. Tiger Brokers CEO Wu Tianhua was quoted in a phone interview last week: We’ve seen how cryptocurrencies like bitcoin have become more acceptable to mainstream investors and an asset class over the past year. Tiger’s mission is to make investing more efficient and enjoyable for investors.

Tiger Brokers and Futu target offshore crypto traders

Tiger Brokers has no intention of offering such a service to Chinese nationals, the company’s CEO said. The broker is currently in the process of applying for the necessary licenses to trade cryptocurrencies, Wu Tianhua added, without revealing which regulators are likely to approve Tiger’s new business plans. word-image-405 The brokerage behind Chinese smartphone giant Xiaomi has reported a net profit of $21.1 million for the first quarter of this year. The platform, which allows trading in shares listed on exchanges in the United States, Hong Kong, Australia and Singapore, has received contributions from more than 375,000 customers. Futu, which is backed by Chinese tech conglomerate Tencent, plans to expand its cryptocurrency trading operations in the second half of the year. During the company’s conference call on 19. May’s senior vice president, Robin Li Xu, said Futu was in the process of applying for digital currency licenses in Singapore, Hong Kong and the United States. The brokerage has 790,000 clients and reported a six-fold increase in net income from Q1 2021 to Q1 2020, generating $149.5 million. Do you think Tiger Brokers and Futu will be able to offer cryptocurrency trading services in China in the future? Let us know your comments in the section below.

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ban, Beijing, brokers, China, restriction, crypto, crypto assets, crypto trading, cryptocurrencies, customers, digital currency, eToro, exchanges, expansion, futures, licenses, online brokers, online brokers, Robinhood, Tencent, Tiger Brokers, trading, trading platforms, Xiaomi Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.The launch of crypto trading services outside China has been one of the most anticipated events of the year, and it has now been confirmed. Tiger Brokerage, which recently launched a cryptocurrency exchange in the U.S., U.K. and Japan, and Futu Financial, a U.K. Forex broker, will be opening in Hong Kong on July 17. The pair will be offering crypto trading services in Hong Kong and Singapore, and plans to add more cities to their list of destinations in the future.. Read more about next bitcoin stock and let us know what you think.

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