Huobi Pro, leading crypto exchange to stop trading in Japan
Huobi Pro is one of the top most cryptocurrency exchanges in the world. The multi-language digital currency platform has informed its Japanese investors that they’ll stop trading services in Japan. According to Coinpost, the exchange informed them via email that it’ll suspend trading activities for japan from July 2nd. Moreover, the Japanese option will also be removed from the homepage.
The cryptocurrency exchange lists new coins on its platform almost every day. This past week, Huobi Pro has announced listings for Davinci coin (DAC) and Waves (Waves) on its platform. The exchange also tweeted that they’ll launch ShareX (SEXC) on Hadax today. Deposits will be available from 14:30 June 27, 2018 (GMT+8) while withdrawals will be enabled from June 29th.
Trading for the coin will be available in the following trading pairs: SEXC/BTC, SEXC/ETH. Users can start trading from will be available on HADAX from 15:00 June 28, 2018 (GMT+8). ShareX is a Blockchain-based Private Equity Platform which aims to be the most active in China as well as the world. They plan to create a blockchain-based enterprise equity management system. With this they want to “help global equity holders manage their holdings easily, securely with a high level of trust.”
Huobi’s tweet regarding the launch,
— Huobi Pro (@Huobi_Pro) June 27, 2018
Regarding the withdrawal of services in Japan, the exchange hasn’t yet provided any details. They haven’t yet given details on users’ asset withdrawals and how they plan to do it. Coinpost however suggests that they took the decision because they weren’t registered with the Financial Services Agency (FSA). The FSA is Japan’s financial watchdog. The exchange should’ve been registered with FSA according to money transaction law introduced in 2016.
It’s still not clear if the FSA has contacted the cryptocurrency exchange over the issue. The FSA had issued a warning to the digital currency exchange platform Binance in February. The warning identified the exchange as a foreign entity. It further stated that they were offering trading services to Japanese users without a license. Binance announced at the time that their legal team was discussing it with the agency.
Image via Twitter
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