Some of China’s top bitcoin exchanges are now shifting to the over-the-counter (OTC) market ter the wake of a crackdown by regulators te the country.
Te announcements made on Oct. 31, both OKEx and Huobi Professional said they will introduce peer-to-peer trading platforms that support fiat currency transactions, including the Chinese yuan, spil an alternative for the country’s domestic cryptocurrency investors.
Based ter Hong Kong, the two exchanges had previously provided solely crypto-to-crypto trading since being founded by their respective parent exchanges, Beijing-headquartered OKCoin and Huobi. They will now pivot toward a combination of the existing structure and the ongezouten, peer-to-peer proefje.
According to OKEx, the yuan is presently the only fiat currency that is available on its P2P podium, noting that it has seen enlargening request from Chinese investors since the exchange crackdown.
Lennix Lai, financial market director at OKEx, said the verhoging has received around 8,000 user applications for account registration since the fresh service’s launch on November 1.
Lin Li, CEO of Huobi, said te his latest announcement that, besides the P2P toneel on Huobi Professional, the company is also eyeing an expansion to overseas markets. The hard is presently te the process of setting up an exchange verhoging ter South Korea te order to contest with particular marketplaces like Bithumb.
The news goes after months of growing scrutiny by Chinese regulators that led to all major bitcoin exchanges te the country, including OKCoin, Huobi, BTC China, and ViaBTC, to suspend order book trading of digital assets against the yuan.
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