Crypto exchange Huobi Japan secures $4.6M from FPG

Regulated cryptocurrency exchange Huobi Japan has raised around 500 million yen (approximately $4.6 million) from Financial Products Group (FPG).

In January this year, Huobi Group announced the relaunch of Huobi Japan as a fully regulated exchange under Japan's Financial Services Agency (FSA) following its merger with BitTrade. Huobi Japan has one of the first 17 licenses issued by the FSA.

FPG and Huobi Japan plan to work closely to provide support for new financial assets and payment methods, Cointelegraph reported.

In addition, FPG said that it expects a potential collaboration with Huobi Japan for the “digitalization of the Japanese securities market” which will see it combining its expertise as a financial instruments business operator with Huobi’s blockchain know-how.

“We are confident that we can create more abundant, safer and more reliable services for our customers,” FPG said (via online translation).

Following the crackdown on cryptocurrency exchanges launched by Chinese authorities in 2017, Huobi Group has been headquartered in Singapore. Established in 2013, the company provides cryptocurrency trading and asset management services to millions of users in 130+ countries.

Last month, Huobi expanded its services to Argentina, with plans to establish a fiat-to-crypto gateway.

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