Bitget Eyes CNY C2C Return After Three-Year Hiatus Amid Regulatory Risks

Woofun AI reports that Bitget is reportedly preparing to restart its Chinese yuan peer-to-peer (C2C) trading service, a claim first circulated by crypto analyst AB Kuai.Dong on X. This potential revival marks a significant shift for the exchange, which has maintained a three-year hiatus on the service amid strict regulatory environments. The core announcement centers on the resumption of C2C trading for the Chinese yuan, a move that has not yet been officially confirmed by the Seychelles-based entity.

Structurally, the operational strategy involves aggressive recruitment of industry personnel offering high salaries, signaling internal prioritization. Per Woofun AI, the company views this C2C yuan service as one of its most critical initiatives this year, placing it on equal footing with its U.S. stock trading service. This dual focus suggests a deliberate attempt to integrate traditional finance access with crypto liquidity, leveraging the exchange's offshore status to navigate domestic restrictions.

The deeper driver is the attempt to circumvent China's capital controls, which have banned crypto exchanges since 2021. The People's Bank of China maintains a strict prohibition, yet offshore entities continue to facilitate limited services. The proposed mechanism aims to create a seamless flow from yuan deposits to stablecoin purchases, ultimately enabling U.S. stock investments. This pipeline effectively bridges the gap between restricted domestic capital and global markets, offering users a direct route to bypass traditional financial channels.

Market dynamics further incentivize this move, particularly given the ongoing volatility in Chinese real estate and A-share markets. While competitors like OKX and Binance have maintained yuan-related C2C services through third-party channels, Bitget's direct re-entry could capture significant demand.

However, the initiative faces substantial hurdles, including complex anti-money laundering (AML) requirements and the risk of sanctions. Navigating these legal and operational risks remains a critical variable for the exchange's long-term viability in this sector.

The information remains unverified, relying solely on anonymous sources without official confirmation from Bitget. As a developing story, the report highlights persistent demand for yuan-based crypto services despite regulatory headwinds. Readers should treat these developments as speculative and await official announcements before drawing conclusions about the exchange's strategic direction.