Japan’s Bittrade Crypto Exchange To Reopen Under Huobi Brand In Newest Acquistion

Japanese Crypto Exchange Bittrade announced that it will be terminating its current trading system so that it can relaunch as a member of the Huobi system due to the majority stake that it has acquired. Interestingly enough, the acquisition could mean that Bittrade will no longer be operating in Japan, given that Huobi has no licensing or registration there.

As a result, Bittrade has released a statement in which it requests that customers open a new account on Huobi’s platform.

In its statement, it noted,

“Please prepare your identity confirmation document again – from the viewpoint of thoroughly pursuing the criminal profit transfer prevention law, please register new accounts.”

Moreover, Bittrade announced that it will not transfer customers’ assets. Rather, the platform has provided guidance on how to do it on one’s own. Those in Japan have until January 18, 2019 to complete the transfer to the new Huobi account once the account has been finalized.

The exchange also added that the platform will be able to support various cryptocurrencies such as XRP, BCH, BTC, LOTC, MONA, and ETH. Some can be traded in yen, too.

The exchange commented,

“We are sorry for the inconvenience caused by the termination of the Bittrade service and updating to the Huobi new system. In the new system, we will continue to offer more liquidity and convenience services, so we appreciate your patronage.”

New registration will be accessible on starting December 10 and deposits will be accepted starting January 8. As for the web address, its new one will be huobi.co.jp. Those interested in registering new accounts on Bittrade cannot do so as of November 30. As for current users, they can no longer access their accounts.

Bittrade stated,

“[Their] assets will not be lost due to the termination of this service. However, after January 18, it is only possible TO withdraw the full balance of both virtual currencies and Japanese yen.”

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