Huobi Japan has been granted approval to offer crypto derivatives as a Type I Financial Instruments Business by Japan’s Financial Services Agency (FSA) — the regulator for financial services in Japan — according to a company statement this week.
Fast facts
- Huobi Japan currently offers spot trading for 14 cryptocurrencies, including Bitcoin, Ethereum and Huobi Token. In a statement, Huobi Japan said the FSA’s approval was a major milestone for the business as it will now be able to significantly expand its cryptocurrency trading services beyond spot trading to derivatives products.
- “It will enable us to expand business beyond spot trading and fuel the next phase of our growth in Japan,” Haiteng Chen, CEO of Huobi Japan, said. “Going forward, we plan to develop a number of crypto derivatives products to meet the growing demands of the market.”
- Huobi is one of the seven cryptocurrency exchanges in Japan that holds this license, the company said. According to the FSA, there are 31 licensed cryptocurrency exchanges in Japan as of Sept. 30.