HitBTC, a company that exchanges digital currency, has suspended its services to investors residing in Japan. This decision was taken in order to avoid any problem with the financial regulator in the country. In fact, the latter has not authorized HitBTC to operate in Japan. The users that have IP addresses, the japanese will be invited to provide information concerning their residence in the course of the procedure of customer identification (KYC). It will also identify investors who are not living in Japan.
Stopping services from HitBTC in Japan
HitBTC, the 8th largest exchange of crypto-currency in the world according to CoinMarketCap, has announced the suspension of its services to japanese residents. On its website, the company based in Hong Kong has added a new section titled “Restriction of services” under the heading ” Conditions of use “. Thus, we can discover the following statement : “You must not use our services and immediately stop using these if you are a resident in a country where HitBTC is not allowed to operate “.
Check out below a video in English describing these facts :
The company said that if the platform detects the use of its services from an IP address registered in Japan he will be asked to confirm if the user does not reside in Japan. Another publication was made by the company confirming the suspension of its services in Japan.
Respect the decision of the regulator japanese
The japanese law on payment services, which speaks HitBTC came into force in April 2017. It legalizes the crypto-currencies. In addition, this device also requires that any company that exchanges operating in the country to be registered with the financial authority of the country, the FSA.
So far, 16 platforms for exchange of crypto-currencies have received an operating license. They were thus allowed to operate in Japan. The financial regulator of japan has also warned some companies that continue to operate in Japan without this permission.
Source : NewsBitcoin