Bitcoin exchanges after the regulatory storm: Entering overseas transactions and transforming into blockchain platforms

The smoke of strict regulation is gradually dissipating, and an era is quietly coming to an end.

On October 30, Bitcoin China stopped its withdrawal business. Currently, the platform has closed all trading functions.

Starting from 24:00 on the 31st, the other two domestic Bitcoin trading platforms, Huobi and OKCoin, will also stop all digital asset exchange business for RMB.

After the regulators took action on ICO and Bitcoin in September, the three major domestic Bitcoin exchanges have successively adjusted and shut down related businesses. Currently, two exchanges have issued detailed announcements, and both businesses will be transformed to blockchain-related.

Among them, Huobi.com will move outside the battlefield, and Huobi China will fully transform into a comprehensive information and research service platform in the blockchain field. OKCoin will enter the overseas market and will gradually transform into a company that applies and develops blockchain technology.

Huobi: Moving beyond the battlefield and transforming into a blockchain information and service platform

On Monday evening, Huobi founder Li Lin issued a statement regarding the adjustments to Huobi’s business in China after October 31.

The announcement stated that Huobi China (huobi.cn) will continue to be operated by Huobi China's business team and will be fully transformed into a comprehensive information and research service platform in the blockchain field. The business focuses on providing professional, in-depth, cutting-edge blockchain technology research and development and application information to users in mainland China, integrating industry consulting, research, education and training services.

According to the announcement, among Huobi.com’s many businesses, Huobi Global Professional Station currently provides trading and peer-to-peer investment services in nearly ten digital asset categories. It is headquartered in Singapore and has a subsidiary in Hong Kong.

After completing the withdrawal of users in mainland China, Huobi Global USD will provide USD-based digital asset trading services to qualified investors around the world. Huobi Korea will focus on providing users with high-quality and convenient Korean won-to-digital asset trading services.

In addition, Huobi Wallet, headquartered in Beijing, China, focuses on providing users with safe, easy-to-use and convenient digital asset management services. The operation and management team has accumulated many years of experience in blockchain and encryption technology. While using multiple security measures to protect user assets and supporting the storage of multiple digital assets, the product is also committed to providing an ultimate, easy-to-use and convenient user experience.

OKCoin: Obtained digital asset trading licenses from multiple countries and transformed into a blockchain technology company

Similar to Huobi China's transformation, OKCoin's future business will also revolve around overseas and blockchain.

An announcement released on the 30th showed that OKCoin will increase its investment in blockchain technology development and application, and gradually transform into a company that applies and develops blockchain technology.

The announcement stated that OKCoin has obtained digital asset trading licenses in many countries around the world through investment and cooperation, and will enter overseas markets. All overseas businesses of OKEx.com and OKCoin.com will be operated by local companies and teams.