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Japan’s DMM Group launches DMM Bitcoin exchange

 Japan’s online entertainment and e-commerce giant DMM Group announced it is launching a cryptocurrency exchange called DMM Bitcoin on January 10 and is accepting clients from the following day.

 

The exchange will offer seven cryptocurrencies for trading: Bitcoin, Ether, Bitcoin Cash, Ripple, Litecoin, NEM and Ether Classic. There will be two types of trading available: spot trading for BTC/JPY, ETH/JPY and ETH/BTC and leveraged trading for 14 trading pairs. The leverage will be 1:5. DMM Bitcoin will not charge transaction fee, but there will be a leverage fee of 0.04% per day.

 

Deposits and withdrawals will be available in JPY, BTC and ETH.

 

According to the company announcement, quoted by Bitcoin.com, the exchange is licensed by Japanese Financial Services Agency (FSA)  and will employ rigorous AML and KYC screening before approving the traders.

 

In addition to trading from PC, DMM Bitcoin will offer mobile trading application for iOS and Android devices. The trading tools will be similar to those available to the clients of DMM’s forex brokerage DMM FX.

 

DMM Group is not a novice in cryptocurrencies. Previously it operated a small bitcoin exchange called Tokyo Bitcoin Exchange Inc., which is no longer operating. Last autumn the conglomerate set up a virtual currency subsidiary and said it plans to become “one of the 10 largest mining farms in the world” next year. In 2016 DMM teamed up with Coincheck and started accepting Bitcoins as a payment method.

 

DMM Group is a conglomerate of companies offering online entertainment, e-commerce, language courses, 3D printing, as well as solar panels. Its subsidiary company DMM.com Securities provides forex service to individual investors. According to its own estimates, DMM Group has over 27 million registered users.

 

TAGS: dmm  japan  dmm bitcoin  exchange 
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