Japanese cryptocurrency exchange BitTrade, one of the 16 licensed digital asset exchanges in the country, announced via a statement that it is closing its trading platform to relaunch its operations under the Huobi Group brand.
The move is largely regarded as a direct result of Huobi Japan Holding Ltd purchasing a controlling stake in the crypto exchange. This is because Huobi had to stop its business in the country because it was not regulated, whereas BitTrade is currently licensed to provide cryptocurrency trading services in Japan.
BitTrade Customers Need to Re-Register with Huobi
Furthermore, BitTrade is no longer working with Bitbank Corp, a trading infrastructure provider. As a result, the crypto exchange informed its clients that their accounts wouldn’t be automatically transferred to its new system and they will have to re-register with Huobi.
“Please prepare your identity confirmation document again … from the viewpoint of thoroughly pursuing the criminal profit transfer prevention law, please register new accounts,” the statement says.
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According to the statement, the new exchange, which can be accessed via the huobi.co.jp address will support 11 trading pairs and six cryptocurrencies – Bitcoin, Bitcoin Cash, XRP, Monacoin, Ethereum, and Litecoin. Customers will have to transfer their own assets to the new platform.
The exchange wrote: “We are sorry for the inconvenience caused by the termination of the Bittrade service and updating to the Huobi new system. In the new system, we will continue to offer more liquidity and convenience services, so we appreciate your patronage.”
As of November 30, 2018, BitTrade has ceased registering new accounts. The acceptance of cryptocurrency and fiat deposits will only be available until December 14, 2018, and accounts will be closed altogether on January 18 next year.
However, BitTrade clarified that: “[Their] assets will not be lost due to the termination of this service. However, after January 18, it is only possible to withdraw the full balance of both virtual currencies and Japanese yen.”