The LINE app has been proven to be quite popular among those in the crypto community. Seemingly taking advantage of its popularity in the space, LINE is setting up to launch its very own cryptocurrency exchange next month!
The app caters to around 200 million active users worldwide. Crypto enthusiasts comprise a hefty chunk of that figure and they’ll soon be treated to BitBox—Line’s crypto exchange.
The exchange is set to deal with 30 cryptocurrencies, including bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH), and litecoin (LTC).
The cryptocurrencies to be listed on their exchange went through a “rigorous review” done by industry experts before being chosen for listing.
However, the launch of the BitBox exchange comes with a number of limitations. For one, they will not be offering their services in Japan and the US. Users will also not be able to trade fiat to crypto.
This decision is mostly due to the strict regulations concerning crypto exchanges in both Japan and the US. The Japanese Financial Services Agency is quite known for shutting down crypto exchanges for their lack of compliance to regulations.
The US Securities and Exchange Commission now requires cryptocurrency exchanges to register with them before they can start with operations.