As the October 31 deadline looms for Chinese cryptocurrency exchanges to halt domestic trading, the future direction of major platforms like Huobi and OKCoin has drawn widespread attention. With regulatory pressure intensifying, these once-dominant players are rapidly adapting by shifting focus to over-the-counter (OTC) trading and expanding into international markets, while simultaneously rebranding as blockchain technology innovators.
This strategic pivot reflects a broader trend in the digital asset industry — resilience through adaptation. Despite the suspension of on-exchange RMB-to-cryptocurrency trading, key industry leaders are not exiting the space but rather transforming their business models to comply with regulations and capture global opportunities.
👉 Discover how leading crypto platforms are evolving in today’s fast-changing market.
The Regulatory Turning Point
The shift was triggered by the September 4, 2017 joint announcement from China’s seven top financial regulators, including the People's Bank of China, titled “Notice on Preventing Risks Associated with Token Issuance Financing.” This directive mandated a complete crackdown on initial coin offerings (ICOs) and domestic cryptocurrency trading activities.
By September 15, both OKCoin and Huobi received official guidance to suspend user registrations and RMB deposits. The final step came on October 31, when both platforms ceased all RMB-to-digital-asset exchange services. Users were allowed to withdraw their funds, marking the end of an era for centralized crypto trading within mainland China.
Yet, rather than shutting down, these companies chose reinvention.
OKCoin’s Global Expansion Strategy
OKCoin officially announced that as of October 31, 2024, it would discontinue RMB and Bitcoin trading services on its domestic platform. However, this does not mean an exit from the crypto space.
“The brand and website will continue to exist and gradually transform into a company focused on blockchain technology application and development, serving Chinese clients and promoting blockchain innovation in China,” OKCoin stated in its public notice.
Crucially, OKCoin emphasized its continued presence in the global digital asset market through strategic partnerships and overseas licensing. The company revealed it has secured digital asset exchange licenses in multiple countries via investments and collaborations.
Its international operations are primarily conducted through OKEx.com, a separately operated entity registered in Belize — a jurisdiction known for its favorable regulatory environment for fintech firms. Although independent in operation, OKEx works closely with OKCoin’s global vision.
Currently, OKEx operates out of Hong Kong and supports a wide range of services, including multi-currency trading, margin trading, derivatives, and hedging tools. It has raised $10 million in Series A funding from prominent investors such as Draper Associates, Ceyuan Ventures, and notable tech entrepreneurs like Tim Draper and Cai Wensheng.
Notably, insiders confirm that OKEx also facilitates RMB-denominated OTC transactions, allowing users to trade Bitcoin peer-to-peer without relying on formal exchange mechanisms.
While OKCoin maintains that it has no ownership over OKEx, the synergy between the two platforms enables seamless access to international markets for former domestic users.
👉 Learn how global crypto exchanges are navigating regulatory landscapes today.
Understanding OTC Trading: A New Frontier
With traditional exchange-based trading no longer viable in China, over-the-counter (OTC) trading has emerged as a critical alternative.
Unlike centralized exchanges where prices are publicly displayed and matched automatically, OTC trading involves direct, private transactions between buyers and sellers. Prices are negotiated off-market, often through messaging platforms or dedicated OTC desks.
While this model offers flexibility and privacy, it comes with increased counterparty risk due to lack of transparency. There is no central clearinghouse to guarantee trades, making trust and verification essential.
Despite these risks, OTC trading has become a lifeline for Chinese investors seeking continued access to Bitcoin and other cryptocurrencies. Both OKCoin and Huobi have recognized this demand and are integrating OTC solutions into their new operational frameworks.
Huobi’s Multi-Tiered Global Approach
Like OKCoin, Huobi is not retreating — it’s repositioning. In a statement issued under CEO Li Lin’s name, Huobi confirmed it would fully cease RMB-denominated digital asset trading by October 31 at midnight.
However, the company outlined an ambitious global strategy across five core business units:
1. Huobi Global Professional Platform
Based in Singapore with a subsidiary in Hong Kong, this arm serves professional traders worldwide. It offers trading in nearly ten major digital assets and emphasizes discovery of high-quality investment opportunities.
2. Huobi Korea
Operating in Seoul, this platform enables seamless KRW-to-crypto transactions. It complies with South Korea’s strict AML/KYC regulations and caters specifically to Korean retail and institutional investors.
3. Huobi China
Now fully transitioning into a blockchain-focused media and research hub, Huobi China provides in-depth analysis, technical insights, educational programs, and industry consulting — all compliant with domestic regulations.
4. Huobi Wallet
A secure, user-friendly digital wallet supporting multiple cryptocurrencies. Built with advanced encryption and multi-layer security protocols, it allows users to manage assets independently while benefiting from Huobi’s technical expertise.
5. Huobi Global USD Platform
After completing the migration of mainland users, this platform will serve qualified international investors with USD-based crypto trading services — a move aimed at capturing demand from North American and European markets.
With operations spanning over 130 countries and millions of users globally, Huobi’s diversified structure ensures resilience beyond any single regulatory jurisdiction.
Core Keywords Driving Visibility
To align with search intent and enhance discoverability, the following core keywords have been naturally integrated throughout this article:
- Bitcoin trading
- Cryptocurrency exchange
- OTC trading
- Blockchain technology
- Global crypto market
- Digital asset platform
- Regulatory compliance
- Overseas expansion
These terms reflect both user search behavior and the evolving landscape of digital finance post-regulation.
👉 See how top blockchain platforms are expanding internationally in real time.
Frequently Asked Questions (FAQ)
Q: Why did Chinese cryptocurrency exchanges stop RMB trading?
A: In September 2017, Chinese regulators issued a ban on ICOs and domestic cryptocurrency trading due to financial stability and investor protection concerns. As a result, all major exchanges ceased RMB-to-crypto services by October 31.
Q: Can I still buy Bitcoin in China after the exchange shutdown?
A: Yes, although centralized exchanges no longer support RMB pairs, individuals can use peer-to-peer (P2P) or OTC platforms to trade Bitcoin directly with others using bank transfers or other payment methods.
Q: Are OKCoin and OKEx the same company?
A: No. While they share historical ties and collaborate internationally, OKCoin (focused on China) and OKEx (overseas operations) operate as separate legal entities with independent management teams.
Q: Is OTC trading safe?
A: OTC trading carries higher risks than exchange-based trading due to lack of oversight. Users should verify counterparties, use escrow services when possible, and avoid large transactions with untrusted parties.
Q: What is Huobi doing now after leaving mainland China?
A: Huobi has expanded globally with dedicated platforms in Singapore, South Korea, Hong Kong, and USD-based markets. Domestically, it now focuses on blockchain education, research, and wallet services.
Q: How are exchanges complying with international regulations?
A: Leading platforms are obtaining licenses in regulated jurisdictions like Japan, South Korea, and Singapore. They implement KYC/AML procedures, partner with local financial authorities, and structure operations under compliant legal entities.
This transformation marks a new chapter in the evolution of digital finance — one defined not by defiance, but by adaptation. As blockchain technology continues to mature, so too do the strategies of those building its infrastructure.