Japan’s crypto exchange Huobi Pro will stop crypto trading services for investors within the nation. The act will come into effect from early July, 2018 due to unregistered services with Japan’s FSA.
According to report, on Wednesday an email has been sent to investors in Japan from Huobi Pro. The email stated that, the crypto exchange will be removing the Japanese option from its homepage and stops a trading services from July 02, 2018.
Under the laws of Japan, suspend virtual currency exchange service provided for resident in Japan.
Huobi Pro deletes Japanese pages from homepage (July 2nd)
Service suspension to residents of Japan (July 2)
Contact details as soon as it is decided
Although, the crypto exchange has still did not provided the further details about the plans for withdrawals of users’ assets.
The report reads that, the Japan based services were not registered with the country’s Financial Service Agency (FSA) due to which Huobi Pro made a decision to cease the trading services. However, it is mandatory under a money transaction law initiated in 2016. But still it is not exactly mentioned that exchange has been conducted by the FSA over the issue.
“Huobi does not register the virtual currency exchange business based on the “funds settlement law” of Japan. Therefore, we do not conduct virtual currency exchange business in Japan.”
Recently, Huobi Pro specified about its partnership with SBI Virtual Currency. The exchange was backed by SBI, the Japanese financial giant’s holdings as to launch regulated platform in the country. But, in the month of March, the SBI Holdings announced that it has cancelled the partnership with Huobi Group.
Further in the following month i.e., in June, Huobi Group announced that it is allocating $30 millions of Huobi Tokens funds to develop its own open source blockchain protocol.
Leon Li Lin, founder and CEO of Huobi Group said,
“We firmly believe in a decentralized future and the main goal of the Huobi Chain project is to transform a centralized corporation to a decentralized. Our dream is for Huobi to run on the public blockchain and become a truly decentralized autonomous organization”.
At present, Huobi is the third largest exchange with $568,023,993 trading volume, according to Coinmarketcap.