Line's cryptocurrency exchange is online, 80 million Japanese users can conduct cryptocurrency transactions

According to Coindesk's September 18 report, the communications application LINE officially launched a cryptocurrency transaction service for its 80 million Japanese users. Just a few days ago, the platform received final approval from the regulator.

Screen Shot 2019-09-18 at 5.42.14 PM (Source: coindesk )

The communications service provider based in Shinjuku, Japan, said in a statement on Tuesday that its cryptocurrency exchange called Bitmax is currently able to trade five cryptocurrency assets, including Bitcoin, Ethereum, and Ripple. Bitcoin cash and Litecoin.

According to the statement, the trading service was launched in phases starting at 3 pm on Tuesday, Japan time. The exchange will first support Android phones. Users can access it through the Wallet tab on the mobile app Line, and the exchange also integrates with LINE Pay to provide a simpler yen purchase process.

LINE said in a statement that the company currently has 81 million monthly active users in Japan and 164 million active users worldwide. The company operates a cryptocurrency exchange through its subsidiary LVC Corporation. On September 6, LVC Corporation obtained a license for the cryptocurrency currency exchange issued by the Japan Financial Services Agency.

Japanese residents can use the BITMAX online account, and the transaction process does not charge any fees, but the recharge and withdrawal will be charged a fee of 108 yen.

When it comes to security, LINE says it uses a wallet developed by Palo alto's BitGo to isolate customer production and store the assets in a cold wallet managed by a dedicated team.

BITMAX implements a rigorous KYC (know your customer) process for new customers. Applicants can use their ID card and photo collection, bank account to register an account with the app, or register via email.

The cryptocurrency trading service offered by BITMAX will operate separately from the company's Singapore-based exchange Bitbox. Bitbox has been in operation since July 2018, but does not accept Japanese and American residents.