In line with a recent official ‘press release‘ published, renowned Crypto exchange Huobi — presently the world’s seventh largest exchange by daily volumes — has relaunched as a completely authorised platform in Japan after merging with BitTrade.
Huobi Global’s completely owned subsidiary, Huobi Japan Holding Ltd., acquired a majority stake in BitTrade earlier in Sept. 2018. At that time, BitTrade was one among the solely sixteen crypto exchanges within the country to possess secured a license from national monetary regulator- FSA [Financial Services Agency].
Huobi Group Founder and chief operating officer namely ‘Leon Li’, aforementioned that securing the license represents a big milestone for Huobi, considering the importance of the Japanese market.
The recent official press release of [Huobi], takes pains to emphasise security provisions, focusing that Huobi Japan “features specialised distributed design, a DDoS [Distributed Denial of Service] attack countermeasures system along with a A+ ranked SSL certification [the highest available within the market] .”
Additionally as per the press release, Huobi Japan supports trading of Bitcoin [BTC], Ethereum [ETH], Ripple [XRP], Bitcoin Cash [BCH], Litecoin [LTC] and Monacoin [MONA], all tradable against the Japanese yen.
While a license has been obligatory for all crypto exchanges operative within Japan after the modification of the country’s Payment Services Since, from April 2017, the FSA has continued to ratchet up necessities for ‘applicants‘ throughout 2018, within the wake of last January’s industry-record-breaking $532 Mln hack of NEM tokens from Coincheck exchange.
Ahead of Huobi’s majority stake deal — BitTrade became Japan’s first FSA-licensed platform to be absolutely completely acquired by a global capitalist, the Singaporean multi-millionaire named ‘Eric Cheng’. The capitalist conjointly acquired BitTrade’s subsidiary company, FX Trade Financial Co., Ltd — one among Japan’s leading forex commerce platforms. Following the [Huobi deal], FX Trade Financial preserved around 25 % of the BitTrade’s shares.
Founded earlier in 2013 in China, Huobi Group has been headquartered in Singapore since Beijing’s strictness on domestic crypto-fiat exchanges introduced in Sept. in 2017. As a part of its current overseas enlargement efforts, the platform has recently rebranded its U.S. based strategic partner trading platform HBUS to the more glorious Huobi name.
Following Coincheck’s recent ‘acquiring of a FSA license‘, the present number of regulator-approved exchanges in Japan is numbered at 17.
Recently in 2018, an official from leading United States crypto exchange Coinbase made optimistic remarks regarding Japan’s crypto restrictive climate, adding that the FSA’s ‘intense focusing on security‘ is “good for all.”
Huobi has seen around $237.17 Mln in trades over the past 24 hours, at the reporting time, in line with the ‘CoinMarketCap statistics‘.