November 29, 20174min662

BitFlyer launches in USA

BitFlyer is Japan’s largest Bitcoin exchange. This Tokyo-based Bitcoin exchange has announced its official expansion in the USA. It has also gained a BitLicense to operate in NYC.

Bitcoin is more and more popular in Japan

Japan has been on the cutting edge of Bitcoin infrastructure; ever since the digital currency was recognized as legal tender back in April. Japanese exchanges have been recording record volumes. People in the Asian country are starting to use Bitcoin in their daily lives. 

BitFlyer, one of the largest Bitcoin exchanges currently operating in Japan, has expanded to begin operations in the US. The once small exchange has posted over $100 billion in trade volume since the beginning of the year. The company is looking to bring in experts in the field to advance their current tech and introduce it to US customers. 

 

BitFlyer in the United States of America

The official launch of BitFlyer USA follows a closed beta where 2,000 select traders bought and sold bitcoin through the newly launched platform. Japan’s largest bitcoin exchange by trading volume, established an office in San Francisco in August. It revealed it had already obtained regulatory approval to operate in 34 states, at the time.

Coinciding with its launch today, BitFlyer confirmed its formal approval to operate in New York state after it gained a BitLicense. Established by the New York State Department of Financial Services (NYDFS) in 2014, the licensing framework has come under criticism for restrictive regulations in the past and had, so far, only granted three licenses to  Ripple, Coinbase and Circle. BitFlyer became the fourth company which got the license and the first exchange from abroad.

“BitFlyer is proud to have been granted a BitLicense to do business in the state of New York,” said bitFlyer CEO Yuzo Kano. “This is a nod of approval from one of the most influential state financial services regulators in the nation.

BitFlyer USA’s chief operating officer Bartek Ringwelski added:

“Our expansion and upcoming cross-border trading addresses a huge unmet need in the US by institutional traders looking to access large amounts of liquidity across multiple virtual currency markets. Through our web interface or API, approved professional traders can be up and running and making trades in a matter of minutes.”

BitFlyer confirmed plans to include support for cryptocurrencies like Litecoin, Ethereum, Ethereum Classic, Bitcoin Cash and more in early 2018. With its launch today, the exchange has enabled bitcoin trading. It is offering zero percent trading fees till the end of the year.

Among the world’s largest bitcoin exchanges; BitFlyer has seen institutional backing from none other than Japan’s three ‘megabanks’ who are all investors in the bitcoin exchange.


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