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LINE Closes Singapore Exchange as it Launches New US Platform

LINE Almost Across the Finish Line For Getting Crypto Exchange License In Japan
LINE Almost Across the Finish Line For Getting Crypto Exchange License In Japan

LINE, Japan’s messaging giant, announced that it is closing its crypto exchange in Singapore and is re-launching it as a worldwide renewed portal in the United States.

The announcement was made on Feb. 27 by the exchange team, as plans have been concluded to rename the platform from BitBox to BitFront when it resumes operations in the United States.

As part of LINE’s primary business strategy, BitFront will offer a global crypto exchange platform where users can buy Ethereum and trade on major crypto assets like Bitcoin. LINE said in accordance with its recent announcement, it is shutting down the BitBox platform in Singapore and will no longer offer the service.

According to LINE, “BITFRONT provides extensive security and industry know-how built on LINE’s years of experience as a major global service.

LVC USA, an arm of LVC Corporation, will be managing BitFront when the platform opens. LVC Cooperation is LINE’S blockchain and digital-focused subsidiary.

Some changes will be made

In line with this development, some changes are likely going to be made. For instance, BitBox Android and iOS trading apps will no longer go live. Already, the BitFront team has made details available to the public about supported coins on the new platform. The supporting coins include Line’s token LINK, Tether, Ether, as well as Bitcoin.

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As part of the US rollout process, investors and traders are now offered fiat transfers for US-free dollars on a temporal basis to US residents. However, cost-based withdrawals and deposits will be available through bank transfer or automatic clearinghouse.

Earlier in January this year, BitBox removed XRP, which is not offered on the BitFront platform. Currently, BitBox customers and users are redirected to BitFront’s URL whenever they try to access the BitBox platform. LINE has already informed customers about the change last year when it initially made the announcement.

Some US residents are ineligible

This new platform is not available to all US residents. Traders and investors residing in New York, Nevada, and Hawaii are not eligible to trade on the BitFront platform. It also excludes many other countries around the world.

But BitFront revealed that the list of coins and eligible countries is not final, pointing out that there will be more updates as the company clears legal terms for inclusion.

As LINE relaunches the platform in the United States, LVC corporation will now be managing two cryptocurrency exchangesin the world. The firm received a crypto-exchange operating license in Japan and launched trading activities on the Bitmax platform.

LINE reported that its global client base has reached 186 million monthly users.

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