Bitcoin Daily: Japan’s LINE Approved For Crypto License; Binance To Soon Launch US Branch

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Japan’s LINE has been approved for a cryptocurrency business license in the country, allowing it to offer its crypto exchange services in Japan.

According to CoinDesk, the new platform will be called BitBox. The license, which was awarded by Japan’s Financial Services Agency, was completed on Sept. 6 in the name of LVC Corp., which oversees LINE’s digital asset and blockchain business units.

LINE will reportedly offer two tokens — LINE Point in Japan and LINK for other nations — to connect users and service providers.

Last month, the company revealed that it has also been working to launch five new decentralized apps (“dApps”) in the following service categories: prediction, Q&A, product review, food review, and location review using social media.

“The LINE Token Economy concept uses LINE’s internally-developed blockchain network, LINK Chain (mainnet), to build a LINK Ecosystem that aims to flatten the relationship structure between users and service providers to promote co-creation and mutual growth,” the company explained in a press release.

In other news, Binance has revealed that it is planning to launch a branch in the United States “in the coming weeks.”

KYC (know your customer) will be required for trading on Binance.US,” Binance wrote in a blog post. “Setting up a new account will require a valid government ID (driver’s license or passport) and social security number (SSN) to register for access to the Binance.US marketplace, available in most U.S. states. We are finalizing the list of states where we will start to roll out service to users and will release this list before we begin onboarding customers.”

KYC onboarding will begin a few days prior to live trading.

Just last month, Binance announced plans to launch its blockchain project, Venus, to develop localized stablecoins and digital assets pegged to fiat currencies across the globe.

“Binance is looking to create new alliances and partnerships with governments, corporations, technology companies, and other cryptocurrency companies and projects involved in the larger blockchain ecosystem, to empower developed and developing countries to spur new currencies,” the company wrote in a blog post.