One of the leading crypto trading platforms – Huobi Pro – reportedly plans to suspend providing services to Japan-based clients beginning from July.
As the news reports read, the company notified its users in Japan on Wednesday. Specifically, the message said that the exchange would get rid of the services for Japan on its website with the trading of cryptocurrency to be stopped from July 2. Huobi Pro is said to remove applications in the Japanese language on the website.
The company representatives have confirmed the reports, though the details regarding the asset withdrawal plan are yet to be unveiled.
According to the media, the decision to leave Japan can be explained by the lack of registration with Japan's Financial Services Agency. For reference, all crypto exchanges have to pass registration with the regulator given the effective money transaction law of 2016. However, there is no information about whether the management has discussed the matter with the FSA or not.
The statistics showed that some 13,3% of the platform visitors live in Japan. All of them have reportedly been notified already.
Noteworthy, Huobi Pro stated in early 2018 that it had considered cooperation with the licensed exchange SBI Virtual Currency run by Japan's giant SBI Holdings regarding the launch of a regulated platform in the country. Nevertheless, SBI Virtual Currency later refused from further development of this project.