The announcement came days after the platform received final regulatory approval. The new exchange, dubbed BITMAX, is now live with trading of five crypto assets: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH) and Litecoin (LTC). BITMAX is available to residents of Japan with a LINE account. No fees are charged for trading, though a charge of 108 yen will be applied for deposits and withdrawals.
According to CoinDesk, the service is available first on Android devices. It can be accessed via the wallet tab on the LINE mobile app and is integrated with LINE Pay to provide an easier Japanese yen fiat on-ramp process. Applicants can register their account with the app using an ID card and photographic capture, with a registered bank account and an ID or by mail.
Currently, LINE has 81 million monthly active users in Japan and 164 million globally. It operates the crypto exchange through LVC Corporation, a subsidiary, which was awarded a cryptocurrency exchange license by Japan’s Financial Services Agency on September 6, 2019.
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