More Japanese Exchanges May Close

Mr. Exchange and Tokyo GateWay withdrew their applications for registration with FSA
29 March 2018   417

The Financial Services Agency (FSA) of Japan has strengthened the supervision of the local crypto-industry, as a result of which two crypto exchanges may soon be closed. This is reported by Nikkei.

Mr. Exchange and Tokyo GateWay withdrew their applications for registration with FSA, which was necessary to provide exchange services to local customers.

None of the exchanges has yet published an official statemen. On March 8, Mr. Exchange reported that they received an order demanding to strengthen their internal security protocols in connection with the attack on Coincheck in late January, which resulted in the stolen NEM tokens worth about $ 500 million.

The exchanges will be able to exit the business only after customers receive all their funds - both in cryptocurrencies and in fiat money.

In early March, Japanese regulators, citing weaknesses in the security system, suspended the operation of two crypto exchange exchanges - FSHO and Bit Station. The latter, as Nikkei writes, withdrew its application for registration, like the other two: Raimu and bitExpress.

As publication reports, three other unregistered Japan-based operators -- Raimu, bitExpress and Bit Station - have withdrawn their applications to register. More are expected to follow, as the FSA has given several exchanges a chance voluntarily close before ordering them to do so.

According to the law adopted in March last year, all Japanese exchanges must be registered with the FSA. Although by now many exchanges have already received the appropriate license, FSA has nevertheless strengthened the supervision of the crypto industry in connection with the breaking of Coincheck.

Line to Launch Bibox Exchange in Singapore

Bitbox supports 28 digital currencies, including Bitcoin, Ethereum, USDT, XRP, Litecoin, Ethereum Classic, Bitcoin Cash, Bitcoin Gold, MonaCoin, Qtum and Golem
16 July 2018   153

One of the most popular messengers in Asia Line has launched a Bitbox exchange in Singapore. Trading on the platform started this morning and is limited to pairs with crypto-currencies, Cryptovest reports.

Bitbox supports 28 digital currencies, including Bitcoin, Ethereum, USDT, XRP, Litecoin, Ethereum Classic, Bitcoin Cash, Bitcoin Gold, MonaCoin, Qtum and Golem.

BITBOX is only for trading cryptocurrencies (Digital Tokens). Fiat currencies (USD, KRW, etc.) cannot be exchanged on BITBOX.
 

Bitbox Website

Bitbox charges a 0.1% commission and supports 15 languages, including English, Korean, Chinese, Spanish, French and German. In Russia, the US, Japan and some other countries, the exchange is not available.

At the beginning of the year, Line Group applied for a license to the Japan Financial Services Agency, but the process dragged on because of tightening of the regulator's requirements in the light Coincheck exchange hack. All crypto exchange, wishing to provide services in the Japanese market, are required to obtain permission from the local regulator.

Currently, Line is also in the process of obtaining a license in the US. The company decided to open its first trading platform for crypto-currencies in Singapore, as this city-state adheres to a progressive approach to the regulation of the digital currency sphere.

With cryptocurrency, we are going to take our challenge in financial services global.
 

Takeshi Idezawa

CEO, Line

In May, Line Group denied rumors that it intends to release its own token and distribute it through the ICO. Every month Line is used by about 200 million people. The messenger is extremely popular in Japan, South Korea and Thailand.