Author: Gan Jia Ci
Cryptocurrency exchange Huobi Pro will be suspending trading services to investors residing in Japan from 2 July onwards.
The exchange announced the cease of services in an email directed to investors in Japan on Wednesday, according to local news media Coinpost. The Japanese option will be removed from the site’s homepage on the day of suspension.
The report also mentioned that Huobi Pro decided to cease its services in Japan as it is not registered with the country’s financial regulator and watchdog, Financial Services Agency (FSA). After a money transaction law was introduced in April 2016, cryptocurrency exchanges operating in Japan are mandated to register with the FSA. However, it is uncertain at this point whether the FSA has contacted Huobi Pro regarding the issue.
Founded in 2013, Huobi Pro is headquartered in Singapore and a subordinate to Huobi Global. In January, Huobi Pro announced a strategic collaboration with Japanese finance giant SBI to start a regulated cryptocurrency exchange. Shortly in March, SBI cancelled the partnership to start its own exchange, SBI Virtual Currencies, that was launched in June.
According to Alexa, the web traffic tracking website, 13.3 percent of the Huobi Pro’s site visitors originated from Japan.