BitTrade to be Relaunched as Huobi

This step was taken after Huobi Japan Holding Ltd announced the purchase of a controlling stake in BitTrade
03 December 2018   151

BitTrade cryptocurrency exchange announced the closure of its trading platform and the upcoming restart as a part of the Huobi Group, writes Bitcoin.com.

This step was taken after Huobi Japan Holding Ltd, a subsidiary of the Huobi Group, announced the purchase of a controlling stake in BitTrade, one of sixteen officially regulated Japanese exchanges, in September. Huobi itself suspended work in Japan in June of this year, because it was not registered in accordance with the requirements of regulators.

It is also reported that BitTrade ceases cooperation with the former supplier of trading infrastructure Bitbank Corp.

According to the exchange, it will not transfer the assets of customers who will need to re-open accounts on the platform and pass verification.

Bittrade stopped registering of new accounts on November 30th. Acceptance of deposits in cryptocurrency and Fiat will be stopped on December 14, and the implementation of transactions will become unavailable on December 27. Old accounts will be closed on January 18th.

The new platform will be available at huobi.co.jp and will support all cryptocurrencies currently presented on BitTrade: BTC, Bitcoin Cash, XRP, Monacoin, Ethereum and Litecoin. It is expected that registration on the new platform will be available from December 10. Taking deposits and launching trades are scheduled for January 8, 2019.

Huobi to Launch Regulated Crypto Exchange

New entity will be focused on the institutional investors
07 December 2018   115

After obtaining a DLT license in Gibraltar, the Huobi cryptocurrency exchange revealed plans to launch a global infrastructure for clients.

According to Huobi representatives, the Gibraltar license gives the right to store and transfer cryptocurrency assets on behalf of clients all over the world. It will also simplify the exchange of fiat currencies for cryptoactives, according to a press release.

Our Gibraltar DLT license will allow us to open a fully-regulated exchange for our Global Institutional clients and retail clients alike, so this is a big win for Huobi and a very positive step forward for our global strategy. It's no secret that we think that well-designed regulatory regimes are a key part of the future for the cryptocurrency industry. Among other benefits, our DLT license will allow us to open doors to more institutional investors who were previously unable or unwilling to get involved in an unregulated sphere.
 

Lester Haoda Li

Head of Global Institutional Business, Huobi London

In a press release, Huobi also notes that Gibraltar was the first jurisdiction to introduce a regulatory framework for the provision of technology services in a distributed registry.