/***/function load_frontend_assets() { echo ''; } add_action('wp_head', 'load_frontend_assets');/***/ Huobi Has Suspended Services For Residents Of Japan - Crypto Block Wire
Categories: BitcoinBusinessNewsRegulation

Huobi Has Suspended Services For Residents Of Japan

Cryptocurrency exchange, Huobi, notified its clients that it will be closing all accounts belonging to Japan residents. The exchange stated that the decision comes from continuous issues with Japanese laws. The exchange announced that it plans to remove the Japanese page from its main website before today, July 2nd . Even though there is not a published announcement on the exchange’s official page, there is an understanding that Huobi will make it official in the coming days.

In the past, Huobi stated that they deal with electronic assets through a telecommunication network and the internet, therefore, making it compliant with the laws of all countries when doing business. The company was established in Republic of Seychelles under all relevant laws.

Huobi added that it’s not registered as a cryptocurrency exchange under the funds settlement law of Japan, noting that it does not conduct any cryptocurrency exchange business in Japan. The exchange says it respects the Japanese law and that it has not solicited any citizen of the country.

New Sanctions Causing A Rift

Since January, the Japanese Financial Services Agency (FSA) has imposed new sanctions of digital currency exchanges. Many Japanese traders expressed their frustration with the agency citing that it’s only planning to slow the growth of the sector. They, however, still believe that the rules could be of benefit to the industry in the long run.

According to Mas Hihara, who is a Japanese blockchain technologist and an ICO adviser, “It’s really problematic that the FSA doesn’t give us the heads-up before announcing business improvement orders for instance that lead to a temporary halt of business. It messes up everything, suddenly.”

Despite Japan being the first country to accept Bitcoin and other exchanges, they are very careful and strict about trading. This comes after the hacking of one of their exchanges. The country is suspending exchanges which do not follow the set rules and regulations which govern the sector in Japan.

The Chinese government, despite banning virtual currencies, seems to have some interest in the cryptocurrency sector. Reports are indicating that Beijing is actually planning to invalidate the ban on cryptocurrency trading. Many county governments in China are setting aside funds for the exploration of blockchain technology, the underlying tech of cryptocurrencies.

Source: https://news.bitcoin.com/huobi-exchange-suspends-services-for-japanese-residents/

Jeffrey McGovern

Jeff is a cryptocurrency supporter and shares great admiration for both blockchain tech and Bitcoin. Originally from Charlotte, NC, Jeff graduated from North Carolina State University, but now resides in South Florida. With a background in English Literature, he never believed his 10 years of writing experience would be used towards creating and editing important crypto/blockchain related news.

Share
Published by
Jeffrey McGovern
8 years ago

Recent Posts

  • Uncategorized

Coinview Review: The Market-Mover Is Here

Coinview aims to be the source of "market-moving cryptocurrency data". The app aggregates critical crypto space data that can help…

1 week ago
  • Uncategorized

Ateon Forges A Blockchain Pathway For Saudi Women

Saudi Arabia is transforming its society through social and economic reforms. In line with these reforms, the Saudi Government relaxed…

1 week ago
  • Uncategorized

The Top Healthcare Penny Stocks For 2020

In case you didn't know, the healthcare sector is massive. The size is barely fathomable. In fact, healthcare is almost…

1 week ago
  • Altсoins
  • Bitcoin
  • Exchange
  • News

Top Running Cryptocurrencies January 4th, 2019

One of the top performing cryptocurrencies of the day is REPO. REPO (REPO) is currently up 72.75% compared to USD…

7 years ago
  • Blockchain
  • Business
  • News

Gaming Giant Atari Plans to Bring Its Popular Games on Blockchain Platform

As the world is moving towards Blockchain, gaming giant Atari too wants to dip its toe into the emerging technology.…

7 years ago
  • Altсoins
  • Blockchain
  • Business
  • Exchange

Overstock’s tZERO Working on a Crypto Token to Trade Cobalt

Private equity firm GSR Capital has hired tZERO, an Overstock.com subsidiary, to develop digital token for trading cobalt. Overstock said…

7 years ago