Japan, a regulated exchange closes (and then reopens)

Japan, a regulated exchange closes (and then reopens). Here's what's happening at BitTrade.

Japan, a regulated exchange closes (and then reopens) - bittrade

BitTrade, one of the regulated cryptocurrency exchange 16 of the Japan, he revealed - surprisingly - that it is closing its doors. But be careful: it is closing for a good reason, given that it then chose to reopen through new forms.

La ratio at the base of the provision of BitTrade is that society has become part of the Huobi empire and, as such, is about to be relaunched practically from scratch under - precisely - the name of Huobi.

Let us remember how Bittrade was one of the 16 bags of cryptocurrency to which the Japanese authorities had given official regulated status, but as part of the rebranding, it will now have to completely shut down its current trading system. Huobi had taken a controlling stake in the company, and the new exchange should be able to support the trading of six cryptocurrencies from the first day of reopening, along with 11 trading currency pairs.

As for the needs of existing customers, users will need to open new accounts with Huobi, and this therefore includes having to go through renewed documentary identification tests. BitTrade customers have until 18 January 2019 to transfer any yen to their account, and then proceed to reopen.

In the words of the exchange, which presumably needs to travel this somewhat winding road so that Huobi can pass through the regulations unscathed, sorrow emerges for "the inconvenience caused by the termination of the BitTrade service and the updating of the new Huobi system. In the new system, we will continue to offer more liquidity and services, so we appreciate your support. "