Huobi returned to Japan, this time as an exchange fully regulated by the Japanese Financial Services Agency (FSA).
Following the merger with BitTrade, Huobi Japan Holding Ltd. is now among the first 17 members to receive registration under the FSA and is able to revive Huobi Japan.
Leon Li, founder and CEO of the Huobi Group, called the launch an "important milestone" in a statement, adding that the Japanese market remains important for the group and that working with its "regulators" is a long-standing priority for the Group Huobi ".
The financial regulator of Japan had managed all cryptocurrency bursaries not registered as an authorized exchange with the agency to cease operations in 2017.
Huobi had not gone in that moment, hoping to merge with SBI Virtual Currency, but that deal had failed.
Following Coincheck's attack in January 2018, the FSA had increased trade requirements, with 160 applicants lining up for approval from October 2018. Unable to get approval, Huobi acquired a majority share of the operator with the Japanese license BitTrade, while preparing to stage a return on the market.
At the moment, Huobi Japan will offer bitcoin, ripple, ether, bitcoin, litecoin and monacoin, traded against the Japanese yen. The exchange also offers zero-fare transactions during the launch period.
Livio Weng, CEO of Huobi Global, said Bitcoin Magazine that Huobi Japan uses the group's expertise to manage an exchange that offers greater liquidity, with a strong focus on the security and security of client funds.
"In addition to offering our users a fully regulated and compliant place for digital resource exchange, Huobi Japan also brings with it the half decade of Huobi group experience in cryptocurrency and blockchain."
Currently ranked as the sixth largest encrypted exchange platform in the world, the Huobi Group was founded in China in 2013. The company has maintained its headquarters in Singapore after the Chinese government has started a crackdown on trade in national cryptocurrencies in 2017.
Huobi also operates exchanges in Canada, United Arab Emirates, Australia and Brazil.