Japanese messaging giant LINE wins crypto exchange license from regulator

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.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

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.

TAGS
XRP

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.