The Japanese messaging giant LINE has shut down its Singapore Crypto Exchange BitBox and launched a global platform called BitFront. BitFront is based in the United States and currently trades five coins, including bitcoin and ether. BitFront is presently not available for users in New York, Hawaii, and Nevada.
29 February, 2020 | AtoZ Markets – The Japanese messaging giant LINE Shuts Down Singapore Crypto Exchange BitBox, and relaunched it as a global, rebranded US-based platform called BitFront. BitFront is operated by LVC USA, the US subsidiary of LVC Corporation, Line’s digital asset and blockchain arm. BitFront provides fiat-to-crypto and crypto-to-crypto gateways. LINE claims to have a global customer base of 186 million monthly active users.
BitFront Currently Supports Trading in Five Coins
Users are now automatically redirected from BitBox to the BitFront URL. A series of notifications inform them in there about platform changes, all of which are in effect today (Feb 28).
BitBox iOS and Android trading applications are no longer online. The team also published details of the coins supported, which overlap with those previously offered on BitBox. Those are bitcoin (BTC), ether (ETH), bitcoin cash (BTC), Tether (USDT) stablecoin and the native token of LINE.
Zero-fee U.S. dollar bank transfer deposits now temporarily offer to residents of approved US states. It is after zero-fee regular dollar deposits and withdrawals via an automatic clearinghouse, or bank transfer will be opened.
Moreover, LVC Corporation CEO Youngsu Ko said, “This is a big step toward massive blockchain adoption. We will continue to make blockchain and cryptocurrency more accessible to our users.”
Read More: ASIC Suspends AFS Licence of RVM Capital
Three US States Residents Are Not Eligible for BitFront
The new platform is part of LINE’s global trading strategy, said a company spokesperson. S/he also added that BitBox had closed after obtaining a license for trading operations in the United States. Moreover, the person did not specify which authority issued the license.
However, residents of three US states – Hawaii, Nevada and New York – are not eligible for BitFront. According to BitFront, the list is not final and will be updated per regulatory approvals.
It remains to see how the new exchange will perform in the crowded space of crypto trading platforms. Regarding BitFront’s competitive advantage, the spokesperson also said that the platform brings “extensive security and industry knowledge, based on years of experience of LINE as a major global service “. However, BitFront provides great liquidity and ensures a tight spread by linking other exchanges and order books. “
In September of last year, the company obtained a license to operate the crypto exchange from the Japanese financial regulator and launched operations on its BitMax platform. At the beginning of 2020, BitBox had chosen to withdraw XRP from the listing, which remains unavailable on BitFront.
Think we missed something? Let us know in the comment section below.