Crypto exchange Huobi re-launches in Japan

Leading cryptocurrency exchange Huobi has officially announced the re-launch of its services in Japan.

The company had halted its operations in Japan last June as it did not have the required license from the Financial Services Agency (FSA). However, Huobi soon acquired BitTrade, which is one of the 16 regulated Japanese cryptocurrency exchanges, once again making inroads into the country.

Last month, BitTrade announced the complete termination of its trading system with plans to reopen under the Huobi brand, Bitcoin.com reported.

A report from CryptoNewsZ states that Huobi will launch a campaign to reward 500 yen (approximately $4.60) in XRP to new accounts. Furthermore, BitTrade has notified its users to open new accounts on the Huobi platform by completing all KYC requirements and transfer all their assets.

“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,” BitTrade said (as quoted by CryptoNewsZ).

According to the official website of Huobi Japan, the platform currently supports Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), and Monacoin (MONA).

Huobi, the sixth largest cryptocurrency exchange in terms of 24-hour trading volume, last year announced that it has selected five partners to launch cryptocurrency exchanges in five countries through its Huobi Cloud. In December, it opened its Russian office in partnership with the VEB Digital Transformation Center.