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A regulated exchange of Japanese cryptocurrencies is closing for re-launch as part of the Huobi family. The new exchange will support six cryptocurrencies and 11 trading pairs. Existing Bittrade customers need to open new accounts, complete KYC verification and transfer their resources to the new platform.
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Bittrade that goes out
<img class = "size-medium wp-image-254455 alignright” title=”Japanese cryptocurrency exchange for the re-launch as part of Huobi after the buyout” src=”https://news.bitcoin.com/wp-content/uploads/2018/12/bittrade-logo-300×83.png” alt=”Japanese Cryptocurrency exchange for re-launch as part of Huobi after Buyout "width =" 300 "height =" 83 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/12/bittrade-logo -300×83 .png 300w, https://news.bitcoin.com/wp-content/uploads/2018/12/bittrade-logo-768×212.png 768w, https://news.bitcoin.com/wp-content/uploads / 2018 /12/bittrade-logo-696×192.png 696w, https://news.bitcoin.com/wp-content/uploads/2018/12/bittrade-logo.png 780w "sizes =" (maximum width: 300px) 100vw 300 px”/>Bittrade, one of 16 stocks of regulated Japanese cryptocurrencies, announced the complete cessation of its current trading system. The exchange will then reopen as part of the Huobi family.
<img class = "size-medium wp-image-254458 alignright” title=”Japanese cryptocurrency exchange for the re-launch as part of Huobi after the buyout” src=”https://news.bitcoin.com/wp-content/uploads/2018/12/huobi-300×113.png” alt=”Japanese Cryptocurrency exchange for re-launch as part of Huobi after Buyout "width =" 300 "height =" 113 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/12/huobi-300×113 .png 300w, https://news.bitcoin.com/wp-content/uploads/2018/12/huobi.png 373w "sizes =" (maximum width: 300px) 100vw, 300px”/>Huobi Japan Holding Ltd., a wholly owned subsidiary of Huobi Global, acquired the majority of Bittrade. Huobi itself stopped providing services to Japanese residents in June due to regulatory issues, as Huobi is not an encrypted exchange registered in Japan.
Bittrade asks its customers to open accounts on the new Huobi platform and to complete the verification of know-your-customer (KYC), noting:
Please re-prepare the identity confirmation document … from the point of view of the in-depth prosecution of the law on preventing the transfer of criminal profits, please register new accounts.
The exchange will terminate its agreement with Bitbank Corp., the provider of its current trading system, under a white brand agreement. Bitbank also operates a regulated cryptographic exchange in Japan.
Transfers of goods
<img class = "size-medium wp-image-254466 alignright” title=”Japanese cryptocurrency exchange for the re-launch as part of Huobi after the buyout” src=”https://news.bitcoin.com/wp-content/uploads/2018/12/cryptos-300×202.png” alt=”Japanese Cryptocurrency exchange for re-launch as part of Huobi after Buyout "width =" 300 "height =" 202 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/12/cryptos-300×202 .png 300w, https://news.bitcoin.com/wp-content/uploads/2018/12/cryptos.png 504w "sizes =" (maximum width: 300px) 100vw, 300px”/>In his announcement, Bittrade stated that it will not transfer customer resources. Instead, the exchange provided instructions for customers to transfer their assets to the new platform.
The Japanese yen in the Bittrade accounts must be transferred to bank accounts registered by January 18, 2019. The cryptocurrencies can be transferred directly from the existing Bittrade accounts to the new Huobi accounts once they have been established.
<img class = "size-medium wp-image-254461 alignright” title=”Japanese cryptocurrency exchange for the re-launch as part of Huobi after the buyout” src=”https://news.bitcoin.com/wp-content/uploads/2018/12/coins-at-bittrade-300×142.png” alt=”Japanese Cryptocurrency exchange for re-launch as part of Huobi after Buyout "width =" 300 "height =" 142 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/12/coins-at -bittrade -300×142.png 300w, https://news.bitcoin.com/wp-content/uploads/2018/12/coins-at-bittrade.png 516w "sizes =" (maximum width: 300px) 100vw, 300px”/>The exchange underlined that the new platform will manage all cryptocurrencies currently supported by Bittrade: BTC, BCH, XRP, MONA, ETH and LTC. The first four on the list can be traded against the yen. Furthermore, BCH, ETH, LTC and MONA can be traded against BTC. Bittrade noted that the new system will also offer ETH / JPY, LTC / JPY and XRP / BTC trading pairs.
The exchange wrote:
We apologize for the inconvenience caused by the termination of the Bittrade service and the updating of the new Huobi system. In the new system, we will continue to offer more liquidity and convenience services, so we appreciate your patronage.
Time frame
<img class = "size-medium wp-image-254469 alignright” title=”Japanese cryptocurrency exchange for the re-launch as part of Huobi after the buyout” src=”https://news.bitcoin.com/wp-content/uploads/2018/12/time-300×226.png” alt=”Japanese Cryptocurrency exchange for re-launch as part of Huobi after Buyout "width =" 300 "height =" 226 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/12/time-300×226 .png 300w, https://news.bitcoin.com/wp-content/uploads/2018/12/time-80×60.png 80w, https://news.bitcoin.com/wp-content/uploads/2018/12 / time -160×120.png 160w, https://news.bitcoin.com/wp-content/uploads/2018/12/time.png 373w "sizes =" (maximum width: 300px) 100vw, 300px”/>The new Huobi platform is expected to start accepting new registrations on December 10th. It intends to start accepting deposits and start trading on January 8th. The new web address of the exchange will be huobi.co.jp.
Bittrade suspended the registration of new accounts on November 30th. Cryptocurrency and Japanese yen deposits will be discontinued on December 14th, followed by transactions on December 27th. Withdrawals and account access will cease on January 18th.
The exchange made it clear that even after users can no longer access their accounts:
[Their] the goods will not be lost due to the termination of this service. However, after January 18, the total balance of virtual currencies and the Japanese yen can be withdrawn.
What do you think of Bittrade interrupting the service and relaunching as part of Huobi? Let us know in the comments section below.
Images kindly granted by Shutterstock, Bittrade and Huobi.
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