Huobi Re-enters Japan With FSA License In Place

After a merger with BitTrade, the Huobi Exchange (the seventh in the world in terms of daily trading volume) has re-entered the Japan market as a platform duly licensed by the Japanese financial regulator FSA. To that end, the company published a press release announcing the same on 17th January, 2019.

In September 2018, Huobi Japan Holding Ltd., which is a completely owned subsidiary company of the Huobi Global, acquired a majority stake in BitTrade, one of the few cryptocurrency exchanges in Japan to have managed a proper license from the FSA.

Huobi Group’s Founder and CEO Leon Li has commented that it is an incredibly important step for the company. He explained why it was a crucial step as he opined:

This is an important milestone for us. Firstly, because the Japanese market is a very important one to us and, secondly, because working with regulators is a longstanding priority for Huobi Group.”

He added with great delight that:

“We’re proud to say that Huobi Japan now has one of the first 17 licenses issued under the FSA’s ground-breaking regulatory regime.”

Haiteng Chen, the CEO of Huobi Japan, was equally excited by the slew of new opportunities awaiting the company. He said:

“We are extremely pleased to once again be offering our services to the Japanese trading public. We’re looking to continue to grow our presence here while offering top-notch digital asset trading services in Japan.”

As the press release details, Huobi Japan will support trading in most of the key crypto coins, namely Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH) and Monacoin (MONA).

This licensing is crucial as Japan’s Payment Services Act made an FSA license mandatory in April 2017. Especially since cryptocurrency crimes have become rife, with $532 million worth of NEM tokens from Coincheck being stolen in 2018, the FSA had tightened policies for licensing.

The press release informs users of exciting possibilities. It says:

“To mark the occasion, Huobi Japan is offering zero transaction fees on both crypto and fiat currency for a limited time.”

Mentioning another added opportunity, they wrote:

“As an added service to users, Huobi Japan is also offering Japanese-language cryptocurrency news and educational content via its official Twitter account at https://twitter.com/huobijapan as well as in-depth industry and market news from Huobi Research, Huobi Group’s research division, at https://coinpost.jp/?tag=huobi“

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