BTC China Opens Up to USD, HKD Deposits and Withdrawals

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Hot on the heels of a weekend announcement that Chinese bitcoin exchange OKCoin was beginning USD-based trading comes the news that fellow Chinese exchange BTC China (which deals in both bitcoin and litecoin trading) is essentially following suit.

BTC China took to social sharing website Reddit.com to make the announcement on Monday, telling the cryptocurrency world that they are the first Chinese exchange to support trading with three fiat currencies.

The additions, the United States dollar (USD) and Hong Kong dollar (HKD), represent BTC China’s intentions to expand their business outside of mainland China, where some would go so far as to suggest interest in cryptocurrencies has been waning over the past seven months.

As of this juncture, the availability of trading in the two additional fiat currencies is limited to an invite-only testing group, but when the testing period is over, it will be available to all international clients.

The company writes:

[blockquote style=”2″]During this trial stage, BTC China collected several million USD worth of deposits. This service will be processed via its registered Hong Kong affiliate.[/blockquote]

When registering for an account, users have the opportunity to select either a domestic or international account:

[blockquote style=”2″]Existing Domestic Account holders who wish to deposit and withdraw using USD or HKD are encouraged to open an International Account. After making their deposit, users will have access to the full range of BTC China’s products and services. All trades will be conducted in BTC/CNY and LTC/CNY.[/blockquote]

On the matter, BTC China CEO Bobby Lee (who is the brother of litecoin creator Charlie Lee) said, “As a global company, BTC China is pleased to accommodate the demands of our users, both domestic and international.”

The company adds that its client base has demonstrated a “strong demand” for trading in other currencies, and here we are.

BTC China says they are processing these transactions via its registered Hong Kong affiliate, who has not been named.