Two of China’s major Crypto Exchanges have seem to have found out a legitimate way of fostering crypto trade without actually breaking the law. Huobi Pro, a P2P trading platform has recently been launched by Chinese giant Huobi. Keeping the competition alive, OkEx, the internationally functioning body of the now redundant Okcoin announced the launch of its very own P2P trading platform which will accept a vast array of fiat currencies along with CNY. Both Huobi and Okcoin launched these P2P trading platforms through their international affiliate companies and relocated their operations outside China for keeping their operations active under the cryptocurrency stringency in the home soil.
The financial market director for Okex, Lennix Lai stated that the “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.”
Mr. Lai relates the decision of launching a P2P trading platform with the desire “to better serve [its] clients across the globe.” It has also been made clear that Okex shall provide a viable market arena for Ethereum, Bitcoin Cash and Ethereum Classic futures contracts.
Okex is claiming to have come up with a distinct “market maker model” tailor made for their P2P crypto exchange platform claiming that the same shall “reduce[s]… counterparty risk” when engaged in P2P transactions. Okex added that “when the buyer or seller place an order, the market maker would step-in and become the counterparty of buyer or seller – with the consideration to their own net exposure, therefore the counterparty risk is diversified.”
The company also added that “all accredited market makers will go through a robust selection process by the Okex team.” Cnledger first reported about Okex’s intention of launching a cryptocurrency platform based on P2P architecture. They posted on the 29th of October that, “Okex (and likely, Huobi-Pro) will soon launch P2P bitcoin tradings with various fiat currency support”.
The operations of Huobi Pro was launched back on 28th of July. It initially introduced trading for ETH/BTC, LTC/BTC, BCC/BTC and ETC/BTC. In stark contrast to Okex, Huobi Pro did not introduce fiat trading pairs. Rather the platform introduced ETH/USDT and BTC/USDT pairs on 26th October, LTC/USDT on the immediate next day and ETC/USDT and BCC/USDT on 31st of October. Leon Li, the founder of Huobi described the termination of Huobi’s former crypto exchange platform as “not only a milestone for Huobi, but also a watershed in the history of Chinese digital assets.” Keeping sync with the current market advancements, Huobi has segregated its activity plethora into six businesses which includes the likes of Huobi Pro.
Huobi Professional is a “digital asset exchange… [that] offers trading services for ten digital assets and peer-to-peer investment services including legal tender to digital asset transactions. Huobi Professional is headquartered in Singapore and has a subsidiary in Hong Kong, both operated by Huobi Pro team.”
Huobi Exchange (huobi.com) “will offer trading services between US dollar and digital assets to global qualified investors, after completing full cessation of all digital assets against the RMB’s trading and cleanup of RMB investors.”
Huobi China “will soon… be transformed into… [an] information and research service provider in the… field of blockchain… It is headquartered in Beijing and will continue to be operated by Huobi China team.”
Huobi Korea is “a digital asset exchange… [offering] trading services between Korean won and digital assets. It is headquartered in Seoul, and is operated by Huobi Korea team.”
Huobi Wallet shall “provid[e] users with secure… digital asset management services.It is headquartered in Beijing and will continue to be operated by Huobi China team.”
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