Business 5 June 2018

Dennis Wafula

HitBTC stops operations in Japan

HitBTC, a Hong Kong-based cryptocurrency exchange, will no longer be offering its services to Japan-based customers. HitBTC announced that they would suspend offering their services to residents in Japan to avoid violating the Japan Payment Services Act. According to the announcement made on their website, all individuals residing in countries that do not allow cryptocurrency activities will no longer have access to the exchange’s services, and accounts held by individuals from these areas will cease to operate.

According to reports, the exchange added a new section called Service Restriction to the Legal Information page of is Terms of Service. Individuals suspected of being residents of Japan will be required to provide information on their residency within the Know Your Customer (KYC) procedures.

Japan’s Payment Services Act allows cryptocurrency as a means of payment. However, it stipulates that any cryptocurrency exchange wishing to base their operations in Japan should register with the country’s financial authorities. To date, since the implementation of the new regulations, only 16 exchanges have been granted the license of operation.  According to information from the Finance Service Agency (FSA), 16 more exchanges are still under review with 8 indicating that they are withdrawing their applications.  Kraken, another exchange, announced their withdrawal in April stating that it was becoming too costly to operate in the country due to the new regulations set by FSA.

Authorities in Japan have already issued warnings to exchanges operating without a license. Among those given warning include Binance. In the letter, the exchange was asked to stop their operations and apply for license or proper measures would be taken against it.

HitBTC and Kraken’s withdrawals from Japan will largely affect the country’s cryptocurrency market. Despite the challenges, Japan still remains among the most crypto-friendly markets in the region and other parts of the world.

HitBTC is the eighth largest cryptocurrency in the world. The exchange started its operations in 2013. It has been providing services to millions of people in Japan and other parts of the world.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

COMMENT

latest news

‘Irresponsible tweets’ land John McAfee in hot water with Skycoin

Business 22 March 2019

‘Irresponsible tweets’ land John McAfee in hot water with Skycoin

Skycoin has responded on Twitter that it John McAfee’s comments about “whale f--king” that actually led to the project being forced to sever ties with the cryptocurrency influencer.

Read More
Watch out: Fake Wasabi crypto wallet out to steal your crypto

Business 22 March 2019

Watch out: Fake Wasabi crypto wallet out to steal your crypto

The scam wallet is an uncanny clone of the real Wasabi wallet. It comes with a fake website and for those who are not keen, it's almost impossible to distinguish between it and the real one.

Read More
UPS partners with blockchain startup for B2B platform

Business 22 March 2019

UPS partners with blockchain startup for B2B platform

UPS, a global leader in logistics, announced a partnership with Inxeption that targets B2B merchants.

Read More