Japanese cryptocurrency traders will be barred from LINE’s new exchange BITBOX, which has a ‘tentative’ launch date next month.
Japanese social messaging app LINE will launch a cryptocurrency exchange for 30 coins next month, it revealed Thursday, June 28.
In a press release, the company, which counts around 200 million monthly users, confirmed it would offer crypto-to-crypto trading platform BITBOX “globally” excluding the U.S. and Japan.
“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 release states.
As Cointelegraph reported in January, LINE had been in talks with Japanese regulators over launching an exchange. The decision to exclude Japan from BITBOX, which will not handle fiat currency, now appears tied to regulatory difficulties.
“LINE will engage in the cryptocurrency business in compliance with rules and regulations of respective countries on cryptocurrency trading,” it added.
Japan’s cryptocurrency exchange sector continues to face major upheaval. Last week, regulators issued so-called ‘Business Improvement Orders’ to six operators. The Financial Services Agency’s attempt to make the industry legally watertight and prevent security lapses took place in the wake of the January $530 million hack of Coincheck.
Other major names have meanwhile committed to Japan’s domestic exchange market, these including SBI Group and, from 2019, Yahoo!
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