Huobi Tokenholders to Support Quarterly Token Burn

19.1% of voters preferred the current distribution model of tokens, and 80.99% chose “burning” tokens
06 December 2018   124

Huobi Cryptocurrency Exchange announced the results of the vote on the further fate of the HT tokens purchased. 80% of users voted for the "burning" of coins.

Previously, each quarter, Huobi used 20% of its revenue to purchase HT on the open market with a view to distributing it further to token holders. According to the exchange's blog, Huobi decided to revise this business model due to numerous requests from users and provided an opportunity for HT owners to decide the fate of the coins.

For three days, 5,010 users cast 72,079,205 votes (one vote was equal to one HT). 19.1% of voters preferred the current distribution model of tokens, and 80.99% chose “burning” tokens.

Within five days after the end of the voting, the Huobi team promised to publish an updated plan to purchase the HT.

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.