HitBTC Suspends Japanese Users, Plans to Launch Regulated Crypto ExchangeCiting the need to comply with local regulations, Hong Kong-based cryptocurrency exchange HitBTC has suspended its operations in Japan and has outlined a plan to launch a regulated subsidiary in the coming months.
Hong Kong-based HitBTC, the world’s seventh-largest cryptocurrency exchange by trading volume, says the precautionary measure to ‘temporarily’ suspended services to Japanese residents is in response to regulatory requirements mandated by the Financial Services Agency (FSA), Japan’s financial regulator.
The suspension applies for to all potential Japanese residents including those who may have user the exchange’s services from an IP address registered in Japan in the past. In such a scenario, users will have to turn in their ID and residential address details to prove they aren’t residents of Japan, the exchange said, in an information request to Japanese customers.
“If you fail to provide information about your residency by deadline date or confirm that you are a resident of Japan, we will suspend providing services to you and you will only be able to withdraw your crypto assets from HitBTC,” the exchange warned.
https://www.ccn.com/hitbtc-suspends-japanese-users-plans-to-launch-regulated-crypto-exchange/