Huobi reopens trading services in Japan

Thursday 10 January 2019 11:52 CET | News

Huobi Group, the Singapore-based crypto exchange operator, has reopened services in Japan, after launching a new trading venue in the country.

The new exchange supports trading in six cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Bitcoin cash (BCH), Litecoin (LTC), and Mona Coin (MONA). All assets are available in pairs with the Japanese yen and Bitcoin, except for MONA. The four pairs where training will be opened are ETH/JPY, BCH/JPY, LTC/JPY, and MONA/JPY.

In mid-2018, Huobi shut down its services in Japan for lack of a license from the Financial Services Agency (FSA). Moreover, since 2017 a permit has been mandatory for offering crypto trading, when Japan became the first country in the world to officially regulate the virtual asset market. In September 2018, Huobu Group bought BitTrade, one of the 16 exchanges currently licensed by the FSA, however, in December 2018, the company announced that BitTrade would be replaced by a Huobi-branded exchange.

Former BitTrade customers must open new accounts for Huobi Japan and go through a know-your-customer (KYC) verification procedure.

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Keywords: Huobi, Japan, trade, Singapore, cryptocurrency, exchange, KYC, crypto pairs, regulations
Countries: World