The Japanese most popular messaging app LINE has launched its new crypto trading platform, Bitmax. It will be available to the residents of Japan with a LINE account.
LINE launched the platform after obtaining a cryptocurrency business license from the country’s Financial Services Agency (FSA). The platform will feature trading of five trading assets. They are Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin. Its grand network of users can now gain access to its trading platform through Line Wallet. The platform is available first on Android devices. Users can access Bitmax via the wallet tab on the LINE mobile app. Also, it is integrated with LINE Pay to provide an easier Japanese yen fiat on-ramp process.
To demonstrate what the BitMax trading platform offers, LINE has asked the first-time traders and new users to carry out transactions as little as ten dollars ($10). The platform will charge no fees for trading. However, the users have to pay an amount of 108 yen for deposits and withdrawals. For new customers, there will be a strict KYC process. The new applicants have to register their accounts with the app. They have to use their ID card and photographic capture, with a registered bank account and an ID or by mail.
Bitmax will be different from Line’s Singapore exchange, BitBox. The latter caters to global users, except the US and Japan while Bitmax will be available only for the users in Japan, the source says.