Japanese Cryptocurrency Exchange to Relaunch as Part of Huobi After Buyout

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A regulated Japanese cryptocurrency exchange is shutting down to relaunch as part of the Huobi family. The new exchange will support six cryptocurrencies and 11 trading pairs. Existing Bittrade customers need to open new accounts, complete KYC verification, and transfer their assets to the new platform. Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations Bittrade Shutting Down Bittrade, one of 16 regulated Japanese cryptocurrency exchanges, has announced the complete termination of its current trading system. The exchange will then reopen as part of the Huobi family. Huobi Japan Holding Ltd., a wholly owned subsidiary of Huobi Global, has acquired a majority stake in Bittrade. Huobi itself stopped providing services to Japanese residents in June due to regulatory issues as Huobi is not a registered crypto exchange in Japan. Bittrade is asking its customers to open accounts at the new Huobi platform and complete know-your-customer (KYC) verification, noting: Please prepare your identity confirmation document again … from the viewpoint of thoroughly pursuing the criminal profit transfer prevention law, please register new accounts. The exchange will terminate its agreement with Bitbank Corp., the provider of its current trading system, under a white label agreement. Bitbank also operates a regulated crypto exchange in Japan. Asset Transfers In its announcement, Bittrade stated that it will not transfer customer assets. Instead, the exchange has provided instructions for customers to transfer their own assets to the new platform. Japanese yen in Bittrade accounts must be transferred to registered bank accounts by Jan.…
Source: Japanese Cryptocurrency Exchange to Relaunch as Part of Huobi After Buyout

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