Huobi Group plans to enter the cryptocurrency market, Japan, by buying a share in local exchange.

On Wednesday, Huobi announced that a fully owned her unit Huobi Japan Holding Ltd entered into an agreement with the sole owner BitTrade Eric Cheng for the purchase of the greater part of his company.

BitTrade currently is one of 16 licensed kryptomere in Japan and member of the Association of exchanges of virtual currencies.

Huobi refused to disclose the amount of the transaction and the share in the company that it will pass.

In June Cheng acquired 100% of licensed Forex company, FX Trade Financial, which is affiliated BitTrade, for $50 million.

Huobi Finance Director Chris Lee said:

“The use of the guideline BitTrade and its license issued by the Japanese authorities is only the beginning, because we plan to turn BitTrade in a leading player in the Japanese market cryptocurrencies.”

Earlier, Japanese financial giant SBI Holdings has terminated its partnership with Huobi, under which the company had intended to launch a joint exchange. Subsequently, SBI opened a stock exchange VCTRADE individually, saying that he prefers to use internal resources in light of the January hacking platform Coincheck.

Buying licensed cryptocurrency exchange in Japan will be the next phase of the plan Huobi to expand their business. Earlier it became known that the exchange will acquire the Hong Kong public company, in order if possible to carry out a reverse listing on the stock exchange.

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