Publicly-listed Chinese brokerages eye Bitcoin offerings, but there’s a catch

The New York Times recently published a piece which revealed that two of China’s largest publicly-listed brokerage firms are in talks with Chinese exchanges to launch bitcoin offerings, but that the exchanges may be required to whitelist the firms. In the article, the two brokers are listed as Huatai Securities (花蓮資訊投資) and China Futures Exchange (中國期貨交易所).

In recent months, major online brokerages such as Alibaba’s Ant Financial and’s Zhouji have announced plans to offer Bitcoin options to their customers. But, such rumors are simply wishful thinking, at least for the time being. According to sources within Ant Financial and, the brokerages aren’t going to offer Bitcoin options for the foreseeable future, and any plans to do so are merely academic exercises at this time.

China has become a hotbed for cryptocurrency interests, with many people opting out of the country’s domestic system due to the stricter regulations and bans that have been placed on cryptocurrencies like Bitcoin. A recently-listed company has announced plans to launch its own Bitcoin-based financial product this year, but it looks like that won’t be possible.. Read more about next bitcoin stock and let us know what you think.

Chinese online brokers Tiger Brokers and Futu plan to expand cryptocurrency trading to take on global players like Robinhood and eToro, the South China Morning Post reported today. Due to a recent government crackdown on cryptocurrencies, Beijing-based Tiger Brokers and Shenzhen-based Futu have focused exclusively on offshore clients.

Customers outside Mainland China

Tiger Brokers is a Beijing-based company backed by smartphone giant Xiaomi that offers trading services for stocks listed on exchanges in the United States, Hong Kong, Australia and Singapore. The company has 376,000 customers with marketable deposits and reported net income of $21.1 million for the first quarter, compared to a net loss of approximately $200,000 for the same period last year. 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 convenient for investors, said Wu Tianhua, CEO of Tiger Brokers, adding that the company has no plans to offer such a service to Chinese citizens. Futu is backed by another giant, Chinese multinational technology conglomerate Tencent. In recent years, Futu has diversified its business from equity trading and initial public offerings to selling and marketing retirement plans to its clients. The company has 790,000 paying customers and its net income was $149.5 million in the first quarter. We are in the process of applying for licenses to trade digital currencies in the United States, Singapore and Hong Kong, said Robin Li Xu, senior vice president of Futu, revealing the company’s plans to expand cryptocurrency trading in the second half of this year.

Opening of a foreign branch

China’s measures to curb the trading and mining of cryptocurrencies on land contributed to a 40% drop in the price of bitcoin (BTC) in May this year. Against the backdrop of Beijing’s latest fears, the two brokers said the new cryptocurrency trading services they are launching are aimed at customers outside mainland China. Wu said Tiger Brokers is already in the process of applying for relevant licenses, without disclosing which regulators. Meanwhile, Futu still needs to get a license to offer virtual assets from the city’s securities regulator to get into the cryptocurrency industry. If they succeed, who will open more stores abroad?

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When it comes to cryptocurrency, China is the gold standard. Not only is it home to the largest population of cryptocurrency users, but the nation also has the most investment capital invested in the cryptocurrency world. On top of that, it seems like every week the head of the PBOC or the SEC is making some sort of comment about the risks of ICOs, Bitcoin, and other cryptocurrencies. The positive side of this is that China is the world’s largest market for cryptocurrency trading.. Read more about will cryptocurrency crash and let us know what you think.

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