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Huobi targets Japan, South Korea

 Huobi, which was one of China’s largest cryptocurrency exchanges before the authorities shut down the platforms, is moving its business to Japan and South Korea, which are among the largest global cryptocurrency markets, reports CCN.


Huobi, which rebranded to HuobiPro and relocated to Hong Kong, has struck a partnership with one of Japan’s largest financial institutions – SBI Group – to launch a cryptocurrency exchange in Japan and South Korea. “SBI Holdings has reached a basic agreement with Huobi Group (1.65 million accounts, maximum daily transaction volume of over CNY 30 billion (approximately JPY 510 billion), which has a track record of stably operating a major cryptocurrency exchange in China, to explore the following alliances,” the official statement released by SBI Holdings said, quoted by CCN.


SBI Holdings will provide Huobi with virtual bank accounts and infrastructure and would facilitate Huobi’s penetration on the South Korean market through its partnership with South Korean banks.


Japan is the second-largest cryptocurrency market and the first country to recognize the cryptocurrency as a payment method and to regulate the exchanges on a national level. At the same time, South Korea, which is also a major market with millions of active traders (40% of global bitcoin trades and 10% of ether trades - Cryptocompare), is still on the fence on the matter.


TAGS: Huobi  which was one of China’s largest cryptocurrency exchange before the authorities shut down the platforms  is moving its business to Japan and South Korea  which are among the largest global cryptocurrency markets  reports CCN. 

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