BitTrade Crypto Platform To Start Work Under Brand Huobi
A Japanese cryptocurrency exchange BitTrade is closing to reopen as part of Huobi Global. This step was preceded by the purchase of the platform’s controlling stake by the local branch of Huobi, Bitcoin.com reports.
BitTrade is one of the 16 trading platforms that were licensed by the Japanese regulator. In September 2018, it became known that the exchange merged with the crypto giant Huobi, which, according to BitTrade head Eric Cheng, would help the company take the leading position in the Japanese and global markets.
Now BitTrade will be available on huobi.co.jp and will initially support 11 trading pairs and six cryptocurrencies, including bitcoin, ether, and the first Japanese digital coin Monacoin. The exchange will start trading under the Huobi brand on January 8, 2019.
However, the updated platform refused to transfer the assets of its current customers — they will have to create new addresses, pass the KYC procedure again and transfer funds to the new platform by themselves. Users are allowed to do this until January 18, when BitTrade will close all accounts at the old address.
The exchange stopped registering new accounts on November 30, 2018, but it is still possible to make deposits on wallets and conduct transactions until December 14. The full stop of all trading operations is scheduled for December 27.
The trading platform Huobi suspended its activities in Japan in June since it did not meet the standards of the local regulators. According to CoinMarketCap, the exchange is ranked third by trading volume, with a daily turnover of more than $464 million.
Previously, Huobi created a committee of the Chinese Communist Party on the basis of its subsidiary.