Bitget reportedly planning to resume CNY C2C trading after three-year pause

Crypto exchange Bitget is reportedly preparing to resume its peer-to-peer (C2C) trading service for the Chinese yuan, according to a post by crypto analyst AB Kuai.Dong on X. The service has been suspended for the past three years, and the analyst cited multiple unnamed sources familiar with the matter.

Background and context

Bitget, a Seychelles-based exchange, has not officially confirmed the plans. However, Kuai.Dong’s post claims that Bitget has recently been recruiting industry personnel with high salaries and internally views the C2C yuan service as one of its most important initiatives this year, alongside its U.S. stock trading service.

The move would mark a significant step for Bitget, which, like many global exchanges, has largely avoided direct services for Chinese mainland users following regulatory crackdowns on cryptocurrency trading in China. The People’s Bank of China has banned crypto exchanges and related activities since 2021, but some platforms continue to offer limited services via offshore entities.

Potential integration with U.S. stock trading

Kuai.Dong’s post suggests that Bitget aims to create a seamless flow from yuan deposits to stablecoin purchases and then to U.S. stock investments. This would essentially bridge the gap between China’s capital controls and global markets, offering users a way to bypass traditional channels.

If implemented, the service could attract significant interest from Chinese users looking for alternative investment routes, especially given the ongoing volatility in Chinese real estate and A-share markets. However, it would also likely draw regulatory scrutiny from Chinese authorities, who have repeatedly warned against such activities.

Implications for the crypto market

Bitget’s potential re-entry into the CNY C2C space could have broader implications for the crypto market. It might signal a cautious reopening of the Chinese market to crypto services, though it is more likely an opportunistic move to capture demand that has been served by other platforms like OKX and Binance, which have maintained yuan-related C2C services through third-party channels.

Analysts note that any such move would need to navigate complex legal and operational risks, including anti-money laundering (AML) requirements and potential sanctions. Bitget has not commented publicly, and the information remains unverified.

Conclusion

While the report is based on anonymous sources and lacks official confirmation, it highlights the ongoing demand for yuan-based crypto services and the lengths to which exchanges may go to serve that demand. Readers should treat this as a developing story and await official announcements from Bitget.

FAQs

Q1: What is C2C trading in crypto?
Peer-to-peer (C2C) trading allows users to buy and sell cryptocurrencies directly with each other, often using local currencies like the Chinese yuan. Platforms act as intermediaries to facilitate transactions and provide escrow services.

Q2: Is crypto trading legal in China?
No, the Chinese government has banned all cryptocurrency trading and initial coin offerings since 2021. However, some individuals still access global exchanges via virtual private networks (VPNs) and unofficial channels.

Q3: What is Bitget’s U.S. stock service?
Bitget has reportedly been developing a service that allows users to trade U.S. stocks using stablecoins. This would enable investors to gain exposure to U.S. equities without traditional brokerage accounts, potentially appealing to international users.