Huobi Pro Suspends Trading in Japan

The third largest exchange in the world by 24-hour trading volume Huobi Pro suspends trading in Japan starting from next month.

Huobi Pro Suspends Trading in Japan

According to report by Coinpost, Huobi Pro made a corresponding announcement  by an email that Japanese investors received on Wednesday. The information in email states that Huobi will delete the Japanese option from its homepage and will suspend trading services from July 2.
In response to a request from CoinDesk, the Huobi Pro exchange confirmed this information. But the company did not specify how it will conduct the procedure for the withdrawal of assets of Japanese traders. According to the Alexa portal, 13% of the company’s customers live in Japan.

According to Coinpost, Huobi Pro suspends trading in Japan due to the fact that the company is not registered with the Financial Services Agency (FSA).  Since the beginning of the year FSA has significantly strengthened control over local crypto exchanges. It is not clear whether the company received any notifications from the regulator.

Earlier, Huobi Pro announced a partnership with SBI Virtual Currency, a licensed stock exchange of the financial conglomerate SBI Holdings. The companies planned to open a trading platform together in Japan. SBI Virtual Currency broke the cooperation agreement in March. In March, the Binance exchange received a warning from the Japanese Financial Services Agency. It stated that, as a foreign company, it can not service local traders without a license.

Over the past day, the total market cap has decreased by $ 8 billion and now it is $ 245 billion. Currently, Bitcoin price fell to $ 6118.

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