Crypto payment provider RedotPay has acquired Japanese crypto asset exchange BTCBOX, enabling it to offer services compliant with local regulations through the licensed platform. RedotPay currently lacks a Japanese crypto asset exchange business license and acknowledged that its existing services for Japanese residents do not meet regulatory requirements.
The company has suspended new user registrations in Japan and removed its app from Japanese Apple and Google app stores, with plans to phase out non-compliant services entirely. BTCBOX, founded in 2014 and registered as an exchange in September 2017, had suspended all operations following a customer data leak in January before beginning phased restoration on August 3. RedotPay stated it will provide financial and technical support to BTCBOX.
RedotPay Acquires Japanese Crypto Exchange BTCBOX to Secure Regulatory Compliance
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