Futu and Tiger Brokers said they are applying for licenses in Singapore and the U.S. that will allow local customers to trade cryptocurrencies.
However, both companies are increasingly focused on markets outside mainland China. In addition to essentially banning yuan-bitcoin transactions, Beijing tightly controls capital flows out of the mainland.
In the international retail trading market, the two companies face competition not just from Robinhood but traditional players such as. Both Futu and Tiger seek to attract customers with an in-app social network where users can swap trading ideas and watch investor education courses. Tiger said the number of customers with deposits more than doubled in the first quarter from a year ago to 376,000.Customers are very interested in cryptocurrencies and Coinbase's stock listing attracted new users, Tiger Brokers' CEO Tianhua Wu told CNBC last week.
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