Chinese Bitcoin Exchanges Seeking Work-Around
As you may now, last month the Chinese Government announced they would be cracking down on cryptocurrencies by banning ICOs and no longer allowing citizens to use exchanges to trade fiat currency for Bitcoin and other digital currencies. As a result, this affected a large number of companies and services, who are now looking at a way to rebound.
Chinese Exchanges Looking For A Solution
Since the announcement, some Chinese Bitcoin exchanges appear to be looking for a work-around on all the new regulations. A number of exchanges have went as far as moving away from the Chinese mainland to places like Singapore, South Korea and Hong Kong.
Other exchanges appear to be converting their services into a peer-2-peer model, which would allow users to trade with others on the platform rather than trading with the company itself.
This week, two of the largest Bitcoin exchanges in China; OKEx and Huobi Pro, announced they would be adding a peer-2-peer platform to their exchange. With the new peer-2-peer feature, users would now be able to deposit both Fiat currency and Bitcoin to trade with other users.
As the regulatory climate in China is still up in the air, some exchanges are also looking to expand their businesses beyond the country’s borders and offer their services overseas in new markets like Europe and South Korea.