Following the Huobi Japan Holding Ltd’s acquisition of majority stake in BitTrade, the latter has ceased its trading operations and will relauch under the Huobi umbrella. The move was an anticipated effect of selling out the company’s majority shareholding.
BitTrade was among the 16 cryptocurrency exchange operators that had been licensed to operate by the Japanese authorities while on the other hand, Huobi had been forced to close down operations early this year due to non-compliance. The company however, is making a grand entry into the coveted Japanese cryptocurrency market through an approved entity thanks to the acquisition.
Terminating Bitbank Corp services
BitTrade is also terminating the services of Bitbank Corp – a provider of trading infrastructure which in effect would require that its existing clients register a fresh with the new platform. Bitbank Corp would have facilitated an automatic transfer of clients and data but with its services withdrawn, customers will now bear the responsibility of registering again.
A section of the statement advising users to prepare for fresh registrations read, “Please prepare your identity confirmation document again … from the viewpoint of thoroughly pursuing the criminal profit transfer prevention law, please register new accounts.”
Listed assets and trading pairs
The exchange has provided clear guidelines for the fresh registration together with funds transfer to the new system. The new platform will support all the digital assets previously listed in BitTrade which included Bitcoin BTC, Bitcoin Cash BCH,Ripple’s XRP,Monacoin MONA,Litecoin LTC and Ethereum ETH. The leading four assets (per market cap) will be tradable with the Japanese Yen whereas BCH, ETH, LTC, and MONA would be tradable against BTC. Furthermore, the newly launched platform will support new trading pairs of ETH/JPY, LTC/JPY and XRP/BTC.
In line with the recent announcement, the BitTrade platform declined registration of new accounts by November 30 while acceptance of currencies both digital and fiat is slated to end on December 14. The new platform on the other hand, will begin accepting new registration by December 10 while trading will begin in January 8 2019.