Cryptocurrency exchange Huobi – currently the world's 7th largest by daily traded volume – has been relaunched as a fully licensed platform in Japan after merging with BitTrade. Jan. 17.
As reported, Huobi Global's wholly owned subsidiary, Huobi Japan Holding Ltd, acquired a majority stake in BitTrade last September. At the time, it was one of only 16 crypto exchanges in the country to be secured by the Financial Services Agency (FSA).
Leon Li, Huobi Group Founder and CEO, said the importance of the Japanese market.
Huobi, Japan, Japan: "features specialized distributed architecture, Distributed Denial of Service (DDoS) attack countermeasures system, and A + ranked SSL certification (the highest available)."
According to the press release, Huobi Japan supports the trading of Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP), and Monacoin (MONA).
While it has been mandatory for all crypto exchanges operating within Japan since the amendment of the country's Payment Services Act back in April 2017, the FSA has continued to ratchet up requirements for applicants throughout 2018, in the wake of the last January's industry-record- breaking $ 532 million theft of NEM tokens from Coincheck.
A majority of the largest stake in the deal – BitTrade became Japan's first FSA-licensed platform to be fully acquired by an international investor, the Singaporean multi-millionaire and entrepreneur Eric Cheng. The investor also acquired BitTrade's affiliated company, FX Trade Financial Co., Ltd – one of Japan's leading forex trading platforms. Following the Huobi deal, FX Trade Financial retained 25 percent of the BitTrade's shares.
Founded in China in 2013, Huobi Group has been headquartered in Singapore since Beijing's crackdown on domestic crypto-fiat exchanges in September 2017. As part of its ongoing overseas expansion efforts, the platform has recently rebranded its United States-based strategic trading partner platform to the better known Huobi name.
Following Coincheck's very recent acquisition of an FSA license, the total number of regulators-approved exchanges in Japan stands at 17.
Last fall, an executive from leading U.S. crypto exchange Coinbase made positive remarks about Japan's crypto regulatory climate, saying that the FSA's focus on security is "good for us."
Huobi has seen $ 299.6 million in trades over 24 hours to press time, according to CoinMarketCap data.