A regulated Japanese cryptocurrency exchange is shutting down to relaunch as part of the Huobi family. The new exchange will truss six cryptocurrencies and 11 trading pairs. Existing Bittrade customers need to open new accounts, complete KYC verification, and over their assets to the new platform.
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Bittrade Shutting Down
Bittrade, one of 16 regulated Japanese cryptocurrency exchanges, has announced the complete ceasing of its current trading system. The exchange will then reopen as part of the Huobi family.
Huobi Japan Hinder Ltd., a wholly owned subsidiary of Huobi Global, has acquired a majority stake in Bittrade. Huobi itself stopped take precaution services to Japanese residents in June due to regulatory issues as Huobi is not a registered crypto exchange in Japan.
Bittrade is enquire of its customers to open accounts at the new Huobi platform and complete know-your-customer (KYC) verification, noting:
Please prepare your singularity confirmation document again … from the viewpoint of thoroughly pursuing the criminal profit transfer prevention law, please tally new accounts.
The exchange will terminate its agreement with Bitbank Corp., the provider of its current trading system, under a virginal label agreement. Bitbank also operates a regulated crypto exchange in Japan.
In its announcement, Bittrade body politic that it will not transfer customer assets. Instead, the exchange has provided instructions for customers to transfer their own assets to the new rostrum.
Japanese yen in Bittrade accounts must be transferred to registered bank accounts by Jan. 18, 2019. Cryptocurrencies can be transferred directly from prevailing Bittrade accounts to new Huobi accounts once they are set up.
The exchange emphasized that the new platform will handle all cryptocurrencies currently promoted by Bittrade: BTC, BCH, XRP, MONA, ETH, and LTC. The first four on the list can be traded against the yen. In addition, BCH, ETH, LTC, and MONA can be traded against BTC. Bittrade celebrated that the new system will additionally offer ETH/JPY, LTC/JPY, and XRP/BTC trading pairs.
The exchange wrote:
We are sorry for the inconvenience caused by the cessation of the Bittrade service and updating to the Huobi new system. In the new system, we will continue to offer more liquidity and convenience assignments, so we appreciate your patronage.
The new Huobi platform is expected to start accepting new registrations on Dec. 10. It develops to start accepting deposits and begin trading on Jan. 8. The exchange’s new web address will be huobi.co.jp.
Bittrade suspended new account registrations on Nov. 30. Entrusts in both cryptocurrencies and Japanese yen will be halted on Dec. 14, followed by transactions on Dec. 27. Withdrawals and account access see fit cease on Jan. 18.
The exchange clarified that even after users can no longer log into their accounts:
[Their] assets wishes not be lost due to the termination of this service. However, after January 18, it is only possible to withdraw the full ponder of both virtual currencies and Japanese yen.
What do you think of Bittrade shutting down its service and relaunching as part of Huobi? Let us be versed in the comments section below.
Images courtesy of Shutterstock, Bittrade, and Huobi.
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