Robinhood’s Chinese competitors want to get into the crypto frenzy by expanding into the US and Singapore – even as their local government cracks down

Robinhood’s Chinese competitors want to get into the crypto frenzy by expanding into the US and Singapore – even as their local government cracks down

Chinese trading apps Futu and Tiger Brokers are working to bring cryptocurrency trading to customers in the US and Singapore, even as regulators in their home country crack down on digital assets. The Robinhood rivals said in their most recent earnings calls that they will apply for digital currency trading licenses in both countries. Futu also applied in Hong Kong. "What we know for sure is that we will not offer digital currency trading services to mainland China users," said Futu Senior Vice President Robin Li Xu, according to a transcript from the Motley Fool. Tiger Brokers chief executive officer said the same, according to a Seeking Alpha transcript. Chinese regulators and institutions have recently. The country said it would thwart mining operations in order to reduce carbon emissions, and it even set up a for the general public to report suspected mining activity. The People's Bank of China also said financial institutions as a form of payment. China's announcements aided in a sell-off in cryptocurrencies last month that caused Bitcoin to fall “” a more than 50% loss from its all-time high of $65,000 in April. The retail investing app space has multiple players, like , and others, competing