Tokyo, JAPAN – Huobi Group, the digital asset exchange company, announced today that thanks to a merger with BitTrade, Huobi Japan has relaunched itself as a fully regulated exchange under Japan’s Financial Services Agency (FSA).
Leon Li, Huobi Group Founder and CEO had this to say:
“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. 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.”
While it has become mandatory for crypto exchanges to obtain license for operating in Japan since the amendment of the country’s Payment Services Act back in April last year, the regulatory body has continued to step up the requirements throughout 2018, in the wake of the Coincheck hacking incident last January that led to a theft of nearly US$532 million which is a record in itself.
“We’re looking to continue to grow our presence here while offering top-notch digital asset trading services in Japan.” – Huobi Japan CEO Haiteng Chen
As a part of its expansion plans, Huobi Group recently announced that its United States-based strategic partner trading platform HBUS is rebranding itself to Huobi and will start using the Huobi.com domain name. June last year saw HBUS entering into a strategic partnership with Huobi Global and this latest move is aimed at bringing the Huobi Group brand to the U.S. by rebranding its retail trading platform to Huobi.