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Bitcoin exchange in China changes business models

Some of China's best bitcoin exchanges are now moving to the the over-the-counter (OTC) market after repression by regulators in the country.

04.Nov.17 6:54 AM
By Daria Zaytseva


Bitcoin exchange in China changes business models

In announcements made on October 31, both OKEx and Huobi Pro announced that they would introduce peer-to-peer trading platforms that support fiat currency transactions, including the Chinese yuan, as an alternative to the domestic cryptocurrency investors.

Based in Hong Kong, both exchanges had previously provided exclusively crypto-to-crypto trade model from the time being founded by their respective parent exchanges, headquartered in OKKoin and Huobi, in Beijing. Now they will be guided by a combination of the existing structure and the direct, peer-to-peer model.

According to OKEx, the yuan is currently the only fiat currency available on the P2P platform, noting that it has seen a growing demand from Chinese investors since the crackdown of exchanges.

Lennix Lai, financial market director of OKEx, said that the platform has received about 8,000 user applications to register the account since the launch of the new service on November 1.

Lin Li, CEO of Huobi, said in his latest statement that, in addition to the P2P platform on Huobi Pro, the company is also looking at expanding to overseas markets. Currently, the firm is developing an exchange platform in South Korea to compete with local markets, such as Bithumb.

The news follows months of growing control from the Chinese regulatory authorities that led to all major bitcoin exchanges in the country, including OKCoin, Huobi, BTC China and ViaBTC, to suspend the digital assets trading in relation to the yuan.

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