Line, a popular messaging app based in Tokyo, just made its big entry into the cryptocurrency industry by putting up its crypto exchange platform. Astonishingly, the service won’t be obtainable in the US and Japan, two of the biggest crypto markets in the world.
Line recently announced that it would soon be launching its cryptocurrency exchange named BITBOX, which is almost scheduled to begin its operations this month. According to the company’s post, the platform lets the exchange of cryptocurrencies but does not accept exchange amid fiat money and cryptocurrencies.
The company further added that BITBOX would be obtainable in many countries except in the United States and Japan. This is shocking since Line is essentially based in Japan and the app has a huge user base in the country. Similarly, the US and Japan are the top two largest cryptocurrency markets in the world, so it longed have been logical for BITBOX to have a position in these markets.
While the company Line did not give an official explanation on why it won’t be rolling out its cryptocurrency exchange service in the US and Japan, the decision is likely due to stronger regulatory oversights in both countries. After Coincheck’s hacking incident in January, Japan’s Financial Services Agency has grown stricter and punished several agencies for inadequate internal controls.
In the US, exchanges are now more careful after the Securities and Exchange Commission ruled that “cryptocurrency exchanges seeking to trade digital assets that may be considered securities must register with the SEC.
According to Blokt in this pilot, Line has recently expanded to provide other services, such as online payments, ride-hailing, and music streaming it will need to find other markets to expand into to keep up with its bigger rivals who dominate the largest markets in the world.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]