Japanese SBI Group broke an agreement with the cryptocurrency exchange Huobi

Japanese SBI Group broke an agreement with the cryptocurrency exchange Huobi

SBI Holdings, the investment arm of Japanese financial giant SBI Group, announced the termination of partnership with the Chinese currency exchange Huobi Group.

In the ad, published on Friday, the company SBI Holdings said it decided to stop working with Huobi, which anticipated the opening of two cryptocurrency exchanges in Japan.

For the first time the partnership became known in December 2017. According to the agreement between the two companies in Japan had to open two new cryptocurrency exchanges: Huobi Japan and SBI Virtual Currency.

SBI Virtual Currency has already completed the registration with the financial services Agency (FSA) in September 2017.

However, in his latest ad, SBI Holdings said that it has abandoned its original plan to use the technology, know-how and human resources Huobi to support new exchanges, but instead decided to do internal resources.

SBI Holdings said that they need a system with a higher level of security, which can quickly respond to changes in legislation.

Recall that this is happening against the background of increasing control by the Japanese regulator. Just last week, the FSA were obliged temporarily to suspend their activities for two cryptocurrency exchanges because of problems with the security system.

Huobi Group has not commented on the decision of his former partner.

News tags
Let's Disqus