Line, one of the most popular messaging app in Japan, is launching its own cryptocurrency exchange ‘BitBox‘ in July. They will operate globally except Japan and the U.S. Line currently has approx. 200 million monthly active users worldwide.
BitBox cryptocurrency exchange will handle 30 or more cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin as per the official statement given by LINE Corporation (“LINE”). Just to let you know, Japan has one of the largest cryptocurrency markets in the world.
As per Line website, BitBox will be available globally except in Japan and the U.S. through LINE Tech Plus PTE. LTD. (a Singapore-based company under both LINE and LVC) in July 2018.
Service Outline of BITBOX
1. Service launch: July 2018 (Tentative).
2. Available countries: Countries except Japan and the U.S.
3. Intended users: The service is not intended for residents of Japan, Japanese nationals residing outside Japan and residents of the U.S. IP addresses, telephone numbers and KYC (*2) will be used to preclude unintended users.
4. Supported languages: Fifteen languages including English and Korean (note: Japanese and Thai are not supported).
5. Exchangeable cryptocurrencies: 30 or more currencies, including Bitcoin (BTC), Ethereum (ETH), Bitcoin cash (BCH), Litecoin (LTC). * The above-mentioned cryptocurrencies were selected through a rigorous review by a listing committee composed of experts.
6. Trading spread (* 3): 0.1%.
7. Opening commemorative campaign: A zero trading commission campaign is being planned for new BITBOX users for a month from the launch date.
Line’s decision to not provide BitBox services to the U.S. and Japan looks logical after seeing strict restrictions from both the countries. Now to operate in the USA, Securities & Exchange Commission has asked cryptocurrency exchanges looking to trade digital assets that may be considered securities must register with the SEC.
Similarly, Japan’s financial regulator, the Financial Services Agency, has punished several exchanges in recent months for improper internal controls. BitBox may have to struggle for the user base because they are not operating in their own country where its user base is huge.
This is definitely a good news for all the cryptocurrency investor as they will now have one more cryptocurrency exchange for trading and it will also give the boost to the cryptocurrencies.
Do let us know what do you think about Line’s decision to open their own cryptocurrency exchange and do you think they will succeed in delivering top-notch services and security?
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