Japanese messaging giant Line has shut down its Singapore-based crypto exchange and relaunched it as a United States-based global, rebranded platform.
The exchange team — which first launched as BitBox in Singapore back in 2018 — revealed on February 27 that the new U.S. platform will take the new name BitFront.
Changes Takes Effect Immediately
BitFront is operated by LVC USA, LVC Corporation’s US subsidiary, Line’s digital asset-and blockchain-focused arm.
As of today, users are automatically redirected from BitBox to the BitFront URL, where a series of notices inform them about the changes made to the platform, all of which are now effective.
For instance, the iOS and Android Trading apps of BitBox are no longer alive anymore. The team has also published details of the coins supported, overlapping with those previously offered on BitBox: Bitcoin (BTC), Ether (ETH), Tether (USDT), and the native token LINK of Line.
Zero-fee U.S. dollar fiat wire transfer deposits are now temporarily on offer to residents in approved U.S. states to mark the launch period, after which regular, fee-based dollar deposits and withdrawals will be opened via Automatic Clearing House or wire transfer.
Residents of three U.S. states — Hawaii, Nevada, and New York — are not eligible for BitFront, as are residents of many countries around the world. BitFront says that the list is not final and will be updated to regulatory approvals.
LVC Corporation now operates two crypto exchanges worldwide, with the transformation of BitBox into its U.S. replacement. The company had obtained a crypto exchange operating license from the financial regulator of Japan in September last year, and launched operations on its BitMax platform.
BitBox had chosen to delist XRP in early 2020 which is still unavailable on BitFront.
Cryptolydian reported earlier that, Japan plans to join the countries seeking to benefit from the central bank digital currencies (CBDCs).
China would be the first country to launch a CBDC named digital Yuan.