The regulated Japanese exchange Bittrade will become part of the Huobi group. The new exchange will support six cryptocurrencies and 11 trading pairs. Existing Bittrade clients will need to open new accounts, complete KYC verification, and transfer their assets to the new platform.
Bittrade, one of Japan's 16 regulated cryptocurrency exchanges, has announced a complete halt to its ongoing trading activities. The exchange will resume its activities as a subsidiary of Huobi Japan Holding Ltd, which acquired a controlling stake in the Bittrade exchange.
Huobi exchange itself stopped providing servicesto Japanese citizens in June due to regulatory issues as it was not a registered cryptocurrency exchange. By acquiring a Japanese regulated exchange, Huobi will once again be able to provide services to users in Japan.
Japanese yen from Bittrade accounts must be transferred to registered bank accounts by January 18, 2019. Cryptocurrency can be transferred directly from Bittrade accounts to new Huobi accounts.
The exchange emphasized that the new platform will support all cryptocurrencies that are currently supported by Bittrade: BTC, BCH, XRP, MONA, ETH and LTC. The first four on the list are traded against the yen. Additionally, BTC, ETH, LTC and MONA can be traded against BTC. Bittrade noted that the new system will additionally offer ETH/Yen, LTC/Yen and XRP/BTC pairs.
Bittrade suspended new account registrations on November 30.
The new Huobi platform is expected to begin registering accounts on December 10. Accepting deposits and trading will begin on January 8th. The new web address of the exchange will be huobi.co.jp.
According to news.bitcoin.com
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