Messaging Giant Line Rolls Out Crypto Exchange Bitmax

Japan’s messaging app LINE has launched a crypto trading platform Bitmax. Initially, it will allow users to trade five types of cryptocurrencies: Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin.

Japan’s popular messaging app LINE has launched its new crypto trading platform Bitmax. According to the press release, Bitmax is a simple and secure cryptocurrency exchange that makes getting started easy even for beginners at cryptocurrency trading.

It will allow users to trade five types of cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), XRP, Bitcoin Cash (BCH), and Litecoin (LTC). The announcement has been made after LINE received a cryptocurrency business license from the country’s Financial Services Agency (FSA).

In addition, #BITMAX, the cryptocurrency exchange for Japan, began operations today. Available in Japan through the #LINE app's Wallet, #BITMAX is a simple and secure cryptocurrency exchange. https://t.co/9gO96D82eq — LINE Global (@LINE_Global) September 17, 2019

LINE has pointed out that Bitmax is different from the company’s Singapore-based crypto exchange Bitbox, which is now operating globally except Japan and the United States. Launched in July last year, Bitbox is not available to Japanese traders because of the country’s crypto exchange requirements.

The features of Bitmax include robust security measures that ensure a secure and stable trading service, links with LINE’s mobile money transfer and payment service LINE Pay, which allows for fast deposits and withdrawals in yen, and easy access from the Wallet tab on the LINE app, with trades possible from a few hundred yen.

Moreover, LINE promises that the identity verification process will be simplified for users who have already completed the process for LINE Pay. Users can also make deposits in yen through either their LINE Pay account or the bank account they have linked to LINE Pay.

The service is already available on Android devices. To get started, users should open the Wallet tab in the LINE app and tap the Bitmax icon. After agreeing to the terms of use, users then register their information and begin the identity verification process. Once LINE has completed the screening of submitted identity documents, the user can start trading.

Bitmax is currently available to residents of Japan who are aged between 20 and 75 years old and have a LINE account. No fees are charged for trading, though a charge of 108 yen will be applied for deposits and withdrawals.

LINE Embraces Blockchain

Shinjuku-based LINE is one of the most popular messaging apps in Japan. According to the company, its LINE app currently has 81 million monthly active users in Japan and 164 million globally. The company is positive about blockchain and ready to do its best to embrace this technology.

Last year, LINE introduced LINK token and its first blockchain network, LINK Chain. BITBOX became the first exchange to list LINK and is the token’s only distributor. LINE’s financial services arm Line Pay Corporation also partnered with global payment giant VISA to develop new blockchain and electronic payment solutions.

Bitbox was set to be launched in July. It was said then that LINE wouldn’t be supporting any type of fiat-to-crypto transactions and customers would be allowed to trade only in crypto-to-crypto, which caused quite a mixed reaction from the community at that time.

The company also explained that it would be missing the two most dominated markets in the cryptocurrency space — Japan and the United States — because of the harsher and stricter regulations imposed by the Japanese regulatory watchdog – Financial Service Agency (FSA). LINE was unable to secure the required license in order to offer its services in Japan. The same issues went for U.S. customers.