More

    Japan Welcomes Huobi Crypto Exchange as Fully Licensed Platform, Thanks to BitTrade Merger

    Huobi is a renowned cryptocurrency exchange that has managed to become the 7th largest of its kind around the entire world, based on daily traded volume.

    Now, they are using a merger with BitTrade to make themselves even more profitable. According to a press release, Huobi is now functioning as a fully licensed platform in Japan

    BitTrade was acquired by Huobi due to their purchase as a majority stake via Huobi Japan Holding Ltd, which occurred in September last year. When the acquisition happened, there were only 16 crypto exchanges within Japan that were licensed by the Japan Financial Services Agency (FSA), which included Huobi.

    Huobi’s Group Founder and CEO, Leon Li, expressed how substantial a milestone this event is for Huobi, given the way that Japan tends to rule the financial market. The press release continues, focusing on the security provisions that Huobi has in place. They describe the way that Huobi:

    “features specialized distributed architecture, a Distributed Denial of Service (DDoS) attack countermeasures system, and A+ ranked SSL certification (the highest available).”

    Japan published the Payment Services Act in April 2017, which made the licensing of any cryptocurrency exchange a requirement, if they want to operate within the country. However, since then, the FSA has continued to add to the requirements of applicants, especially considering the $532 million theft that the Japanese crypto market experienced with CoinCheck.

    Before the stake deal took place, BitTrade was the first of the FSA-licensed platforms to find themselves acquired by an international buyer. This buyer was Eric Cheng, a Singaporean multi-millionaire who also collected FX Trade Financial Co., Ltd, BitTrade’s affiliate, in an acquisition. FX Trade Financial Co., Ltd is also one of the leading platforms for forex trading in Japan. After this deal, FX Trade Financial is now the holder of 25% of the shares available for BitTrade.

    Huobi was originally founded in China in 2013, though the crackdown on domestic crypto-to-fiat exchanges in Beijing led them out of China and to Singapore instead. As the company has worked to expand their platform, they have even rebranded HBUS to Huobi, considering how it is better known than the former name. With this acquisition in place, and with the recent FSA licensing of CoinCheck, there are presently 17 exchanges approved by the regulators in Japan.

    Coinbase has expressed their positive opinion over the way that Japan is taking charge in their regulatory measures. They added that the heightened security focus is “good for us,” which is most likely in reference to their intent to secure a license in Japan as well after seven months of efforts to receive approval.

    Presently, Huobi Japan allows for the trading of Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ripple, and Monacoin.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Avatar
    Krystle M
    Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,371FansLike
    2,778FollowersFollow
    4,141FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Coinbase Upgrades Wallet App to Simplify Crypto Transactions In A Bid to Boost Adoption

    Coinbase exchange has announced an upgrade of its digital wallet in a bid to make crypto transactions much easier. According to a blog post...

    Bitcoin’s Correlation with S&P 500 Jumps to A New High, But So Does With Gold

    Bitcoin’s correlation with both equity market and precious metal climbs to an at all-time high Bitcoin busted the myth that it can’t be...

    Former Olympic Wrestler and UFC Fighter Ben Askren Promotes Bitcoin With Twitter Handle

    UFC fighter Ben Askren changes his twitter handle to ‘Bitcoin Halving May 13 in a bid to promote to the BTC community with halving...

    Ether Price Undervalued But The Fundamentals Are Not Looking Good

    After a bad March, ETH price seeing greens, MVRV Ratio says ETH undervalued While Bitcoin active addresses on the rise, Eth’s declining but...

    Microsoft Joins Blockchain for Social Impact Coalition Initiative For Virtual Earth Day Hackathon

    Microsoft is set to support the Blockchain for Social Impact Coalition (BSIC) program whose winners will be rewarded during the Global Virtual Earth...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.