Crypto Exchange Huobi Relaunches Trading Services in Japan
The new platform is replacing an FSA-licensed operator, BitTrade, which was bought by Huobi several months ago.
Singapore-based crypto exchange operator Huobi Group re-opened services in Japan on Wednesday after launching a new trading venue in the country. The company said that Huobi Japan was replacing licensed local platform BitTrade, which was acquired by the Singapore company in 2018.
The new exchange supports trading in six cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Bitcoin cash (BCH), Litecoin (LTC), and Mona Coin (MONA). The assets are available in pairs with the Japanese yen and Bitcoin, except for MONA. Trading in four of the pairs - ETH/JPY, BCH/JPY, LTC/JPY, and MONA/JPY - is yet to open. Huobi Japan will commence Ethereum and Bitcoin Cash trading in yen on Thursday, while LTC/JPY and MONA/JPY will start on Friday.
In mid-2018, Huobi shut down its services in Japan for lack of a license from the local market watchdog, the Financial Services Agency (FSA). A permit has been mandatory for offering crypto trading since 2017, 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, highlighting the importance of Japan’s crypto market, which is among the largest in the world by daily trading volumes.
In December, the company announced that BitTrade would discontinue services and would be replaced by a Huobi-branded exchange. The new platform offers the coins and markets as its predecessor but with three additional pairs - ETH/JPY, LTC/JPY, and XRP/BTC. Former BitTrade customers must open new accounts for Huobi Japan and go through a know-your-customer (KYC) verification procedure, according to a company statement from December.
The Japanese platform is the fourth exchange of the Singapore company, joining an international Huobi Global venue and localized platforms for South Korea and Australia. Huobi has its own token, HT, which is one of the basic coins in the international and Korean exchanges but still unavailable on the Australian and Japanese markets.