The world’s 7th largest crypto exchange by daily trading volume Huobi reaches our blockchain news today after re-launching in Japan as a fully licensed platform after it merged with BitTrade, announcing the news in an official press release.
According to the press release, Huobi Japan Holding Ltd has officially acquired a majority stake in BitTrade back in September 2018 and at that time BitTrade was one of the rare exchanges that actually had a license from the national financial regulator.
The CEO of Huobi Group Founder Leon Li pointed out that securing the license is a huge milestone for the company. In the press release, you can also look up how the security provisions are emphasized saying that Huobi Japan has a specialized distributed architecture or a Distributed Denial of Service countermeasures system and an A+ SSL certification.
Also, Huobi Japan supports trading of Ethereum, Bitcoin Cash, Litecoin, Bitcoin and Ripple.
Having a license as a crypto exchange in Japan is mandatory since April 2017 after the amendment of the country’s Payment Services Act was imposed but the agency has continued to look out for applicants in 2018 as well after the huge $532 million theft of NEM tokens from Coincheck happened.
BitTrade, on the other hand, was the first FSA-licensed platform in Japan and was acquired by the Singaporean multi-millionaire Eric Cheng. He also acquired FX Trade Financial Co. which is BitTrade’s affiliate company.
As of now, there are exactly 17 crypto exchange platforms in Japan that hold the FSA license.
In the past 24 hours, Huobi made $299 million in trades.
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