Japanese messaging giant LINE wins crypto exchange license from regulator

Exchanges • September 6, 2019, 6:55AM EDT
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Japanese messaging giant LINE has just received a license to operate the cryptocurrency exchange business in the country.

Japan’s Financial Services Agency (FSA) granted the license to LINE’s blockchain unit LVC Corporation on Friday. The approval will allow the firm to offer cryptocurrency trading services to its over 80 million users.

Back in June, there were reports that LINE is close to getting the license for its platform called BitMax in Japan. This is now LINE's second cryptocurrency exchange, having launched Bitbox in Singapore in July 2018.

The Japanese platform BitMax has been approved to offer trading in five cryptocurrencies - bitcoin (BTC), ether (ETH), bitcoin cash (BCH), litecoin (LTC) and XRP, according to the FSA’s announcement.

LINE's unit becomes one of twenty licensed cryptocurrency exchanges in Japan, which include recently approved Rakuten Wallet, as well as older players such as Coincheck and SBI VC Trade, among others.

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Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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