The Singapore-based financial company behind Japanese messaging giant Line will launch BITBOX, a cryptocurrency exchange with which it plans to service all major markets with the exception of U.S. and Japan, according to the companies press release. In its statement, the company has promised to first satisfy domestic laws and become registered in accordance with the rules of each countries authority.
"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 said previously.
The new platform will trade more than 30 cryptocurrencies with bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH), litecoin (LTC) among them. However, the support for fiat currencies is not in BITBOX’ plans. Also, exchange will provide its services in 15 languages including English and Korean but will be unavailable in Japanese and Thai. To welcome users to the exchange, they will be greeted with a promotional campaign in the form of zero trading commissions for the first month after the lunch date.
“With the need to trade cryptocurrencies rising around the world, LINE has been preparing to provide opportunities for users to do so securely, and as the secure system is in place now, the company will be offering the service.” - the announcement says.
Cryptocurrency exchange will start operating in June. After the launch all BITBOX’ clients will have to undergo the Know-Your-Customer (KYC) procedure, as the platform is “not intended for residents of Japan, Japanese nationals residing outside Japan and residents of the U.S. IP addresses, telephone numbers, and KYC will be used to preclude unintended users”.
By Nadya Astam