Huobi Pro Exchange ceases in Japan, begins in US

June 27, 2018
Chris Wheal

Global digital exchange, Huobi Pro, is to cease all trading in Japan beginning next month according to Coindesk.  News of the termination of services was sent to Japanese investors in an email today.

Source: Shutterstock.com

Although news about the cessation of trading is strikingly absent from both the third-largest exchange’s news and twitter feed. Coindesk confirmed the news and said that the Japanese trading option will be removed from the homepage and will suspend trading services from 2 July.

The exchange is withdrawing from the Japanese market because it is not registered with the Japanese financial regulator, Financial Services Agency.

The regulator has ramped up scrutiny recently and has brought into effect a more stringent framework for registered cryptocurrency exchanges this summer. The move is to help to beef up consumer protection, deal with money laundering and to prevent another egregious heist like that suffered by Coincheck at the beginning of the year.

US operations launch

Huobi Pro has announced that it will launch its marketplace for trading cryptocurrencies with its US strategic partner, HBUS officially on 6 July.

The US is one of the company’s key locations for trading offices and operation centres including: Singapore, Korea and Hong Kong.

To mark the launch the exchange is offering up to 100 days without trading fees and the first 10,000 registrars gifted up to 0.1BTC according to rule guidelines.

 

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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