The Japanese arm of the Chinese exchange Huobi, Huobi Japan, has received approval from the Financial Services Agency (FSA) of Japan to trade and manage cryptocurrency derivatives.
Huobi Japan CEO Haiteng Chen named registration an important milestone for the company’s business in Japan, as it will enable Huobi to develop financial derivatives and offer trading and marketing services to customers. At the same time, Huobi Japan guarantees payments to customers in case of financial losses of the platform.
“We are very pleased to have reached this milestone. This will allow us to expand our business beyond spot trading and will drive the next phase of our growth in Japan. In the future, we plan to develop a range of derivatives products to meet the growing market needs, ”Chen said.
Japan’s FSA is one of the strictest financial regulators in the world, overseeing the country’s banking, securities, stock exchange and insurance sectors. Currently, only 7 out of 34 cryptocurrency exchanges in Japan hold an FSA license. Without the approval of the regulator, sites can offer customers only limited cryptocurrency spot trading services.
Until September, Huobi Japan offered spot trading services for 14 cryptocurrencies, including BTC, ETH, and Huobi Token (HT). In June 2020, Huobi Token received approval from Japanese regulators to trade in the local market. After registering with FSA, Huobi Japan plans to significantly expand its trading services and opportunities in Japan.
As a reminder, a year after Huobi Group returned to Japan through a deal to acquire the local licensed cryptocurrency exchange BitTrade, the FSA checked the activities of Huobi’s Japanese division.
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