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   317

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 Join Forces with Prime Trust

As reported, HBUS will allow users to trade BTC, ETH and USDT together with the USD
06 February 2019   194

The US subsidiary of the Huobi Group - HBUS Exchange, - has entered into an agreement with a financial company from Nevada Prime Trust to support the input / output of fiat funds, reports CoinDesk.

HBUS will allow users to trade Bitcoin, Ethereum and Tether USD together with the US dollar.

At the same time, Frank Fu, HBUS CEO, stressed that the company intends to conclude several more deals in the United States.

At this stage, HBUS intends to work with institutional clients and ensure legal compliance of its activities, after which it will start working with a wider audience. In 2019, the company also plans to increase its staff to 150 employees.

According to Fu, about 60,000 US residents and several dozen users from China are registered with HBUS.

In the listing of the platform there are such coins as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ethereum Classic and Tether USD. However, its representatives are considering the possibility of adding other tokens in the future.

As reported, Huobi’s new global asset flows could indirectly give Chinese traders the ability to convert yuan for cryptocurrency through Huobi Global’s OTC desk, then send the cryptocurrency to the U.S.-based exchange to cash out in USD.

It is also worth mentioning that the Australian Goldfields Money is the banking partner of Huobi Global.

Huobi became the leader in commission fees among Bitcoin exchanges in 2018. She earned $ 483 million.