A renowned crypto exchange service provider Huobi has recently declared that it is going to provide trading services in Japan. It announced on Wednesday that it is launching a new trading venue in the country.
Last year, Huobi had acquired BitTrade, a Japanese cryptocurrency exchange, and now Huobi will be replacing it. BitTrade was operating in the country as a licensed local platform for cryptocurrencies. The exchange platform announced the news via its Twitter handle:
— Huobi Global (@HuobiGlobal) January 9, 2019
The newly re-launched exchange platform in Japan offers trading services in cryptocurrencies such as Bitcoin [BTC], Ethereum [ETH], XRP, Bitcoin Cash [BCH], Litecoin [LTC] and Mona Coin [MONA]. These digital currencies can be traded against Japanese Yen and Bitcoin. Although, Mona Coin can be paired only with Yen, currently. Also, ETH/JPY, BCH/JPY, LTC/JPY, and MONA/JPY are the pairs which are yet to open. The exchange stated that Ethereum and Bitcoin Cash trading in yen would start on Thursday, while LTC/JPY and MONA/JPY will start on Friday.
Notably, Huobi will start a campaign in which it will give Ripple (XRP) worth 500 yen (roughly around $4.60) to any new accounts in order to celebrate the launch. With this relaunch, the customers of BitTrade will have to perform some extra process. BitTrade has instructed its user base to open new accounts on the Huobi platform and transfer all their assets along with completing all KYC procedures. BitTrade stated, “We are sorry for the inconvenience caused by the termination of the Bittrade service and updating to the Huobi new system. In the new system, we will continue to offer more liquidity and convenience services, so we appreciate your patronage.”
In the previous year, Huobi had to halt its services in Japan, as the exchange didn’t possess a license from the local market watchdog, the Financial Services Agency (FSA). Also, at the same time, the Chinese government closed all local crypto exchanges. During this govt crackdown, Huobi was responsible for 60% of the global Bitcoin trades. After shutting down in Japan, reports came out that Huobi has acquired BitTrade.
Notably, Huobi is Singapore based cryptocurrency exchange giant, having its offices in Hong Kong, Korea, Japan and the United States. It is one of a leading exchange platform having adjusted volume of $336,709,002 according to CoinMarketCap.