Major Chinese Cryptocurrency trade platforms launch P2P exchanges

According to cnLedger, two of the biggest cryptocurrency exchange platforms in the Chinese market are planning to re-launch trading operations after the Chinese cryptocurrency ban. cnLedger is a trusted news source within the Chinese cryptocurrency industry. On October 29th, it tweeted that OKEx and Huobi Pro will soon be launching peer-to-peer (P2P) bitcoin trading with various fiat currency support.

When China banned the trade of digital currencies within the country on September 4th, several local exchanges, including OKEx and Huobi,  moved their operations outside the country. Since then, cryptocurrency exchange platforms have been looking for a way to continue their operations with Chinese users.

OKEx is a Hong-Kong based exchange founded by the Chinese Bitcoin trading giant, OKCoin. Last month, the platform announced that it will be supporting Tether (USDT) trading and has launched its P2P cryptocurrency trading platform which accepts a number of fiat currencies, including CNY.

The team claims to have developed a distinguished market maker model for its new exchange that is aimed at reducing counterparty risk during P2P transactions. OKEx's team stated that “all accredited market makers will go through a robust selection process by the OKEx team.”

The financial market director for OKEx, Lennix Lai, states that the company is launching a P2P trading platform in order to better serve its global clientele.  He explained, “centralized order-book exchange model is still the mainstream among [the] crypto industry. However, the changing regulatory environment brings uncertainties to crypto market. Some of the countries have already ceased the exchange model.”

Likewise, the Beijing-based digital currency exchange company, Huobi, also launched its P2P trading platform on July 28th, called Huobi Pro. The exchange is headquartered in Singapore with a subsidiary in Hong Kong. Leon Li, Huobi’s founder, explained that Huobi Pro will offer trading services for ten digital assets and peer-to-peer investment services as well. The exchange also launched Tether (USDT) last month.

It cannot be said whether the regulators at the country’s central bank will update the wording of the ban to include P2P exchanges or not. However, whatever the outcome is, prices will definitely be affected by it, considering China’s huge influence on the digital currency market up until the ban. Before cryptocurrency was banned in the country, it was home to more than half of the bitcoin miners and was also the manufacturer of most of the cryptocurrency mining equipment.