Rakuten relaunches virtual currency exchange

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Japan-based e-commerce operator Rakuten registered its rebranded virtual currency exchange service with the country’s top financial regulator after restructuring the offering.

The company changed the name of virtual currency exchange Everybody’s Bitcoin, which it acquired in September 2018 for $2.4 million, to Rakuten Wallet. It said users can open new accounts from April.

The acquisition came just a few months after the Kanto Local Finance Bureau issued a business improvement order targeting a cryptocurrency company.

Rakuten said in a statement it restructured the management system of the exchange service, including formulating a business improvement plan and strengthening its business management and internal control systems to allow it to register as a virtual currency exchange services provider.

The statement went on to say: “Rakuten Wallet will support sound development of the industry, and provide a safe and trustworthy user experience by further strengthening its security and service offerings.”

The company, which received approval to become the fourth major mobile player in April 2018, will be the first new mobile network operator to launch in Japan in more than a decade. Construction of its network began in August 2018 and it plans to launch mobile service in October.

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