Japanese LINE Starts Its Own Cryptocurrency Exchange

LINE which is today Japanese messaging giant is going to join the cryptocurrency space, starting a Binance-like exchange immediately from the next month.

The exchange, named Bitbox, will let clients to purchase and sell “30 or more cryptocurrencies” at issue, although it will not be accessible to clients in both the United States or Japan.

The company mentioned in the report: “Bitbox only allows the exchange of cryptocurrencies, and does not accept exchange between fiat money and cryptocurrencies.”

Chinese exchange Binance works analogically, permitting clients to purchase and sell coins just utilizing other cryptocurrencies, that means that users must first change their fiat for Bitcoin at a various exchange before moving that balance.

LINE mentioned that it would be using know your customer (KYC) to “preclude unintended users” from the exchange.

The firm did not mention why their customers would be eliminated; nevertheless both the US and Japan are currently  regulating the cryptocurrency space intensively, and satisfying those regional rules could press back the designed launch.

LINE indicated that it would at the beginning suggest the likes of Bitcoin, Bitcoin cash, Ethereum and Litecoin.

The step is one of the first raids by LINE into enlivening from the messaging service into other areas such as finance.

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