Huobi, which was at one time the largest Bitcoin trading platform in China. It is now moving to Japan from the first quarter of this year 2018.
The exchange announced a deal with Japanese financial institution SBI Group, which will see it move to the country. It is partnering with SBI to launch two virtual currency exchanges “SBI Virtual Currencies,” and the other “Huobi Japan.”
China was a hot place for Bitcoin trades and the top three exchanges led in Bitcoin trades regarding shares in the first quarter of 2017. The exchange alone led the onslaught in 2013 as the top BTC trading markets in China.
That changed in January of 2017 when the People’s Bank of China (PBOC) stopped private exchanges from trading cryptocurrencies. However, that seems to be harsher regulatory action turned into a crackdown on all cryptocurrencies who facilitated crypto trade with RMB. China also banned ICOs from September last year.
SBI intends to use Huobi’s technology for crypto business in Asia. It will acquire 30 percent of the equity in Huobi Group’s Japanese entity and 10 percent of Huobi Group’s Korean existence. Hobi will, in turn, own 30% of the investment in the SBI Virtual Currencies business.
Huobi also runs a global crypto exchange called Huobi.pro which trades volumes from Singapore, Korea, Hong Kong and other regions. The company also runs China News and Research Platform and its Huobi Wallet Digital Asset Management service.