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   535

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.

Japan May Initiate Unscheduled Exchage Check

An anonymous source toldĀ the investigation of the authorities affected the Fisco and Huobi Japan due to the alleged structural changes in the management
23 April 2019   132

The Financial Services Agency of Japan (FSA) has begun an unscheduled check of two local crypto exchange for their customer protection standards and legal compliance. It is reported by the Cointelegraph, citing Reuters Japan.

An anonymous source told reporters that the investigation of the authorities affected the Fisco and Huobi Japan exchanges. Apparently, the regulator paid close attention to these platforms due to the alleged structural changes in the management of the companies.

Note, at the end of last year, the Bitcoin exchange operator Zaif transferred the business to the investment company Fisco after the platform was hacked in the fall.

According to an anonymous informant, the FSA was also interested in anti-money laundering measures taken by the exchanges. During the test, the regulator considered them insufficient.

In February, the National Police Agency of Japan reported that money laundering with the help of cryptocurrencies increased 10 times in the country.