Huobi Japan received a license from the Japanese FSA to launch cryptocurrency derivatives – Bits Media

The Japanese division of the Chinese exchange Huobi - Huobi Japan - received approval from the Financial Services Agency (FSA) Japan on trading and management of cryptocurrency derivatives.

Huobi Japan CEO Haiten Chen (Haiteng Chen) called the registration an important milestone for company business in Japan, as this will enable Huobi to develop financial derivatives and offer trading and marketing services to clients. At the same time, Huobi Japan guarantees payments to customers in case of financial losses of the platform.

"We are very happy, that we have reached this milestone. This will allow us to expand our business beyond spot trading and will support the next stage of our growth in Japan. We plan to develop a range of derivatives products in the future, to meet growing market needs", - Chen said.

Japan's FSA is one of the most stringent financial regulators in the world, supervising the banking sector, Securities, exchanges and insurance in the country. Currently only 7 of 34 cryptocurrency exchanges in Japan have an FSA license. Without regulatory approval, platforms can only offer limited cryptocurrency spot trading services to clients..

Until September, Huobi Japan offered spot trading services 14 cryptocurrencies, Including BTC, ETH and Huobi Token (HT). In June 2020 Huobi Token received approval from Japanese regulators for trading on the local market. After registering with the FSA, Huobi Japan plans to significantly expand its trading services and capabilities in Japan.

Recall, a year after Huobi Group returned to Japan with a deal to acquire local licensed cryptocurrency exchange BitTrade, FSA checked the activities of the Japanese division of Huobi.