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.

Tanya Abrosimova Independent Analyst

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).

Author

Tanya Abrosimova

Independent Analyst

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