SBI Holdings, the investment arm of the Japanese financial giant SBI Group, broke off relations with the HuoBi Group, the Chinese currency exchange. This is written by CoinDesk with reference to the statement of the company.
SBI Holdings reports that it has decided to terminate its financial and business cooperation with Huobi.
Previously, companies were going to support each other in opening two new exchanges of cryptocurrency in Japan – Huobi Japan and SBI Virtual Currency. The latter has already been registered with the Financial Services Agency (FSA), later postponing the launch of the trading platform. Huobi Group reported that both sites can start work this month.
In a recent statement, SBI Holdings reports that it has decided to abandon Huobi’s technology, knowledge and human resources and solve the tasks facing it independently.
Explaining the reasons for this decision, SBI Holdings said that the company needed a system capable of providing a higher level of security that would better meet the requirements of domestic and global regulators. Similar reasons, she argued the decision to postpone the launch of the trading platform.
Recall that these events are taking place against the background of strengthening control over platforms for trading cryptocurrencies in Japan by local regulators after the January cracking of the Coincheck exchange. Last week, the FSA imposed administrative penalties on several companies and suspended the activity of two unlicensed exchanges of cryptocurrencies.