On Wednesday Dec. 12, Japanese cryptocurrency exchange Bitpoint announced the launch of a crypto-to-fiat trading platform in Panama. The regulatory-compliant exchange will offer USD pairs with top cryptocurrencies like bitcoin cash, ethereum, bitcoin core, litecoin, and ripple.
Bitpoint is a licensed cryptocurrency exchange operator headquartered in Tokyo that has just announced the company’s first international expansion in Latin America. It already operates trading platforms in five Asian countries and the latest exchange is called Bitpoint Panama. The Japanese firm has detailed that citizens of Panama as well as corporate entities within the region can use the exchange. Meanwhile, Bitpoint will utilize Panama ACH bank wires for fiat deposits and withdrawals for verified users.
“We are proud to announce our market entry in Panama — The formalization of the crypto asset trading sector together with local authorities is a key milestone for its sustainable development,” explained Genki Oda, president of Bitpoint Japan during the announcement.
The senior executive added:
In Panama we will employ our knowledge and standards to the satisfaction and tranquility of the local banking industry whom we regard as our partners.
Bitpoint has detailed that verified users will be able to trade bitcoin core (BTC), ethereum (ETH), bitcoin cash (BCH), ripple (XRP) and litecoin (LTC) against the USD. Additionally, the Panama operation developed by Bitpoint promises “deep liquidity for speedy clearing.” The trading platform is AML/KYC compliant and users can register for a personal or a corporate account. Unlike most exchanges that use a Zendesk-like customer service platform, Bitpoint has a phone number available and customers can speak with agents directly.
Cryptocurrencies in Panama are still not fully regulated but Bitpoint emphasizes on its website that it is “a regulated company in Japan and operates by good practices under the same standards in Panama.” The Japanese firm further details that just like the other trading platforms under its wing, Bitpoint Panama will utilize multi-signature correspondence techniques and an “anti-hacking system that detects hackers and prevents hacks in real time.” Julian Geovo, operations director for Bitpoint Panama, has explained that the team plans to also bolster mainstream digital currency acceptance in the South American region.
“An interesting and safe option for cryptocurrency customers in Panama has been created — adopting the best operational practices from Bitpoint Japan allows us to offer a path for mainstream crypto education and adoption, whilst maintaining the tranquility of all stakeholders in the sector,” Geovo added.