Japanese outlet CoinPost reported on June 27 that Singapore-based cryptocurrency exchange Huobi Pro announced it will cease operating in Japan on July 2.
Japan has seen a drastic increase in regulatory pressure following the Coincheck hack in January. The Financial Services Agency (FSA) began inspecting cryptocurrency exchanges, issuing improvement orders, even forcing some to cease operations. A group of 16 exchanges joined forces to form a self-regulatory group, called the Japan Virtual Currency Exchange Association (JVCEA). Huobi was never a member of the JVCEA, and it never registered with the FSA.
There were plans for a partnership between Huobi and Japanese bank SBI Holdings, which may have been intended to facilitate Huobi's acceptance by the Japanese authorities. However, in March, SBI announced the companies had parted ways.
Huobi also recently revealed that its "US strategic partner," HBUS, will begin exchanging cryptocurrencies on July 6. HBUS is taking care to comply with US regulations and registered with FinCEN on March 21.