Share this article
Robinhood Rival Futu Plans to Offer Crypto Trading in US, Singapore, Hong Kong
With its number of new users and revenue surging, the Chinese brokerage app said it has begun applying for crypto-related licenses.
By Danny Nelson
Updated May 9, 2023, 3:19 a.m. Published May 20, 2021, 10:06 p.m.
Make us preferred on Google
Futu Holdings Ltd., the fast-growing Chinese brokerage and Robinhood rival, plans to offer cryptocurrency trading to “international clients” later this year, according to executives.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Speaking on Futu’s Q1 earnings call Wednesday, Senior Vice President Robin Li Xu said the Tencent-backed trading firm has begun applying for “digital currency–related licenses” in the U.S., Singapore and Hong Kong.
During the earnings call, the Nasdaq-listed Futu, which had not previously disclosed its crypto offering, didn't elaborate on what the new trading service would look like. Xu said the feature should launch in the second half of 2021.
China remains a definite no-go zone for Futu’s crypto trading, however.
“What we know for sure is that we will not offer digital currency trading services to mainland China users,” Xu said. Chinese regulators had reiterated the country’s years-long crypto ban one day prior.
Read more: Beijing’s Crypto Crackdown Is Not New but Don’t Dismiss It
Crypto trading would add another weapon to Futu’s already supercharged financial services arsenal, alongside stock trading and wealth management.
Drawing comparisons to Robinhood, the firm tripled its revenue in Q1 and grew its user base 70%. Futu now has over 14 million users.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Michael Saylor's Strategy catches a break from MSCI, but analysts caution fight isn’t over yet
MSCI won’t drop firms like Strategy from indexes yet, but a broader rule change may still be on the table
What to know:
- Shares of Strategy rose 6% after MSCI decided not to exclude digital asset treasury firms from its indexes.
- The decision alleviates immediate pressure on companies holding large amounts of bitcoin but not directly operating in the blockchain sector.
- Analysts caution that the situation may not be resolved, as future MSCI rule changes could still impact firms like Strategy.
Top Stories
