A regulated Japanese cryptocurrency exchange is shutting down to relaunch as part of the Huobi family. The new exchange will support six cryptocurrencies and 11 trading pairs. Existing Bittrade customers need to open new accounts, complete KYC verification, and transfer their assets to the new platform.
Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations
Bittrade is asking its customers to open accounts at the new Huobi platform and complete know-your-customer (KYC) verification, noting:
Please prepare your identity confirmation document again … from the viewpoint of thoroughly pursuing the criminal profit transfer prevention law, please register new accounts.
The exchange will terminate its agreement with Bitbank Corp., the provider of its current trading system, under a white label agreement. Bitbank also operates a regulated crypto exchange in Japan.
Japanese yen in Bittrade accounts must be transferred to registered bank accounts by Jan. 18, 2019. Cryptocurrencies can be transferred directly from existing Bittrade accounts to new Huobi accounts once they are set up.
The exchange wrote:
We are sorry for the inconvenience caused by the termination of the Bittrade service and updating to the Huobi new system. In the new system, we will continue to offer more liquidity and convenience services, so we appreciate your patronage.
Bittrade suspended new account registrations on Nov. 30. Deposits in both cryptocurrencies and Japanese yen will be halted on Dec. 14, followed by transactions on Dec. 27. Withdrawals and account access will cease on Jan. 18.
The exchange clarified that even after users can no longer log into their accounts:
[Their] assets will not be lost due to the termination of this service. However, after January 18, it is only possible to withdraw the full balance of both virtual currencies and Japanese yen.
What do you think of Bittrade shutting down its service and relaunching as part of Huobi? Let us know in the comments section below.
Images courtesy of Shutterstock, Bittrade, and Huobi.
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The post Japanese Cryptocurrency Exchange to Relaunch as Part of Huobi After Buyout appeared first on Bitcoin News.
Source: NewsBtc
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