Japanese LINE to Release Its Cryptocurrency Exchange BitBox in July
The Japanese messaging app LINE is expanding its field of activity. The famous company will soon launch a cryptocurrency exchange.
The announcement made on 28th June during a conference indicated that LINE will release its first cryptocurrency trading platform dubbed BitBox in July 2018. Despite the fact that the company is based in Japan, it revealed that the new platform services will not be available to Japanese and US citizens – probably because of the difficult regulatory framework.
According to the official press release, LINE‘s crypto exchange will be a hundred percent crypto-to-crypto, which tells us that it will not accept the currencies created by the government.
Here’s what the company explained:
“[The] cryptocurrency exchange BITBOX is launching as part of LINE’s financial services business, providing services globally except in Japan and the U.S. 30 or more cryptocurrencies can be exchanged in BITBOX, and it will support 15 languages excluding Japanese. BITBOX only allows the exchange of cryptocurrencies, and does not accept exchange between fiat money and cryptocurrencies.”
BitBox to support at least 30 crypto assets
BitBox will support at least 30 cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC), which were selected “through a rigorous review by a listing committee composed of experts.”
LINE has already been remarked in the crypto industry, by launching one month ago its first subsidiary dedicated to cryptocurrency-related services, giving us understanding at that time that the company is actually targeting an exchange.
The fact that the BitBox’s services will not be available on the Japanese territory indicates that LINE has failed to obtain the necessary authorization from the regulatory Financial Services Agency to legally carry out its activities.
“The application process for registration as a virtual currency exchanger has already been started with the Financial Services Agency [FSA], and it is currently under review,” LINE confirmed in January 2018.