BTC China adds USD and HKD deposits and withdrawals

Major Chinese bitcoin and litecoin exchange BTC China announced today that they have added support for U.S. dollars (USD) and Hong Kong dollars (HKD) to their trading platform. The new system, currently undergoing an invite-only beta test, allows for deposits and withdrawals in both currencies under “international accounts,” while domestic accounts will be limited to Chinese yuan (CNY). Existing Chinese customers who wish to use the service are encouraged to open international accounts.

Unlike a similar plan announced yesterday by Chinese cryptocurrency exchange OKCoin, which will use the existing trading software to power a new USD-based international exchange, the BTC China system will keep all customers on the same order books. This will enable many U.S.-based traders (and night owls) to participate directly in China’s fast-paced, zero-fee bitcoin trading culture without having to struggle with the language barrier. The BTC China platform will denominate all trades in CNY, with USD and HKD deposits being exchanged in a separate step.

In the press release, BTC China CEO Bobby Lee called the move a “first step” for the exchange to meet growing demand for additional currency support. The exchange has made no secret of its plans to grow into a global presence, and it would not be surprising to see similar support for other global currencies in coming months. The move might also be an attempt by BTC China to hedge its bets in the event of another bitcoin crackdown from Chinese banking authorities.