A new exchange will replace Japan’s beleaguered BitTrade exchange despite its status of being a regulated exchange and will be part of the largest e-asset company Huobi.co.jp.
Bittrade has been one of the popular platforms for virtual asset owners, but a wave of negative press has led to Bittrade exiting the market and its absorption into the larger Huobi platform. The popular exchange has ceased new account registrations and deposits of Japanese Yen will also stop by Dec 14.
The exchange said that “assets will not be lost due to the termination of this service. However, after January 18, it is only possible to withdraw the full balance of both virtual currencies and Japanese yen.”
New Registrations and re-assigning assets by customers
The latest Huobi platform will commence new registrations by December 10 and deposits by the start of New Year and will use the web address huobi.co.jp.
Bittrade announced that there will be no transfer of customer assets, however.
The model adopted for the new exchange to absorb the members is, in fact, different from standard practice. It has requested current members on Bittrade platform to transfer their own assets. The Yen which is held by the old accounts will have to be moved to registered bank accounts by the middle of January or 18 of January 2019. Cryptocurrencies will be moved directly from their current account to the accounts held by Huobi where these will now be set up.
The platform will handle cryptocurrencies which include – BCH, XRP, LTC as well as BTC. The new system will support ETH-JPY along with XRP-BTC pair and the LTC-JPY pair.
Bittrade has said,
“Bittrade service and updating to the Huobi new system. In the new system, we will continue to offer more liquidity and convenience services, so we appreciate your patronage.”
One of Japan’s biggest crypto operators is Huobi Global and it will now offer its latest services via Huobi Japan Holding Ltd subsidiary. However, the parent company has been at loggerheads with the regulatory bodies in June in Japan since Huobi is not registered in Japan.
Back in June 2018 had emailed its users in Japan that it would shut down all accounts which belonged to non-Japan residents. The exchange had to issue such a compliance requirement as it was regulated by Japanese Law.
The new exchange will have to survive the ‘registration’ compliance which is expected by the Japanese government.