BitTrade ceases to exist and becomes a part of Huobi group
|- BitTrade will relaunch operations under Huobi brand.
- Customers will have to register new accounts and perform KYC procedure with Huobi.
Cryptocurrency exchange BitTrade has announced the decision to close its trading platform and relaunch operations under Huobi Group brand. This move is regarded as a natural consequence of Huobi Japan Holding Ltd buying the controlling stake of BitTrade. It is worth noting that BitTrade is one of 16 cryptocurrency exchanges duly licensed to provide cryptocurrency trading services in Japan. Meanwhile, Huobi had to stop its business on the territory of Japan earlier this year, because it was not registered with the regulator.
Also, BitTrade stopped working with the trading infrastructure provider Bitbank Corp and informed the clients that their accounts would not be transferred to the new system automatically. They will need to register with Huobi and perform KYC procedure.
"Please prepare your identity confirmation document again … from the viewpoint of thoroughly pursuing the criminal profit transfer prevention law, please register new accounts," the statement says.
BitTrade stopped registering new accounts as of November 30, while acceptance of cryptocurrency and fiat deposits will be terminated on December 14. The accounts will be closed entirely on January 18.
The new platform will be available at huobi.co.jp address. It will support all cryptocurrencies currently available at BitTrade (BTC, Bitcoin Cash, XRP, Monacoin, Ethereum и Litecoin).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.