The Singapore based cryptocurrency exchange- Huobi has reinvigorated its cryptocurrency trading services in Japan on January 9 via a celebratory tweet on its official Twitter page.
Huobi is to be replacing BitTrade, a Japanese cryptocurrency exchange which was acquired by it last year in September. BitTrade is one of the only 16 licensed cryptocurrency trading platforms.
Huobi had cut off its trading services to the Japanese residents by removing the whole Japan page from its website on July 2 after failing to be in accordance with Japan’s laws.
The Japanese division of Huobi has informed its users that trading will commence on January 8th. To celebrate its venture, Huobi will initiate a campaign, giving Ripple (XRP) worth 500 yen (roughly around $4.60) to any new accounts.
The data from CoinMarketCap indicates that Huobi stands currently at the 10th position on January 10 by means of trading volume.
In the late December of 2018, the company followed a suit of “optimizing staffing” by laying off worst performing employees of the company.
The layoffs come in the wake of the prolonged bearish market trends as 2018 saw a 70% drop in the value of Bitcoin. Nearly $500 billion in total has been moped off from the cryptocurrency market.
Huobi Japan now supports the trading of six cryptocurrencies namely-
- Bitcoin Cash[BCH]
- Mona Coin[MONA]
The crypto assets listed above are traded against Japanese Yen and Bitcoin, excluding Mona Coin which is currently paired only with Yen. Deposits have already been initiated for all the above-listed assets.
According to a statement by the company in December 2018, BitTrade customers will have to open a new account on the Huobi platform and transfer all assets as per the instructions provided by BitTrade.
Additionally, the customers will also have to complete the KYC(Know-Your-Customer) procedures to open the account.
“We are sorry for the inconvenience caused due to the termination of the Bittrade services and updating to the Huobi new system. In this new system, we will continue to offer more liquidity and convenience services, so we appreciate your patronage”
The Singapore based cryptocurrency giant- Huobi is currently having its offices in Hong Kong, Korea, Japan, and the United States and is proving to be one of the fastest growing cryptocurrency exchanges in the world.