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The popular Asian cryptocurrency exchange Huobi is now a fully-regulated exchange under Japan’s Financial Services Agency (FSA), thanks to the Huobi Group’s acquisition of BitTrade and merging of the 2 exchanges.
Huobi is currently the world’s 7th-largest cryptocurrency exchange by daily trading volume, and their Japanese division supports the trading of Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP), and Monacoin (MONA) against the Japanese yen in a regulated environment.
Huobi Among First of 17 Exchanges to Receive Licencing From the JFSA
Since April 2017, all of the cryptocurrency exchanges operating out of Japan are required to be licenced by the Japanese FSA. Currently, there are only 17 approved exchanges, and Huobi Japan is now one of them
Huobi Group Founder and CEO Leon Li says this is an important milestone for the Huobi exchange, as the Japanese market is very big for them.
Li said:
This is an important milestone for us. Firstly, because the Japanese market is a very important one to us and, secondly because working with regulators is a longstanding priority for Huobi Group. We’re proud to say that Huobi Japan now has one of the first 17 licenses issued under the FSA’s ground-breaking regulatory regime.
Before this milestone, Huobi Japan had ceased trading in the country as they waited for regulatory approval from the JFSA. Now, for the first time in months, Huobi Japan is open for trading.
CEO of Huobi Japan Haiteng Chen proclaimed his excitement over this development, stating:
We are extremely pleased to once again be offering our services to the Japanese trading public. We’re looking to continue to grow our presence here while offering top-notch digital asset trading services in Japan.
To celebrate this achievement, Huobi Japan is offering zero transaction fees on both fiat and cryptocurrency for a limited time.
As well, a new service just for the Japanese Huobi exchange is the offering of Japanese-language cryptocurrency news and educational content from their official Twitter account.
The exchange is also offering in-depth industry and market news from Huobi Research.
Huobi’s Crypto Derivatives Market Surpasses $20 Billion in Trades
In other news, Huobi’s crypto derivatives market, which was only launched last November, has already surpassed $20 billion in total trading volume.
The crypto derivatives market trading is offered through Huobi Global, the company’s flagship cryptocurrency exchange. HBDM.com currently offers weekly, bi-weekly, and monthly derivatives trading on 3 major cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), and EOS (EOS).
Commenting on the achievement, Huobi Global CEO, Livio Weng said:
This reinforces our belief that Huobi DM truly caters to our user’s needs. We’ve been getting positive feedback from our clients on our lack of clawbacks as well as Huobi DM’s capacity to help sophisticated traders manage the risk of spot market fluctuations. I believe this explains our platform’s exploding growth, even in the midst of the ongoing bear market.
All in all, Huobi is taking the cryptocurrency industry by storm with both their Japanese FSA licensing and the rapid growth of their Huobi derivatives market.