bitFlyer Inc., Japan’s largest bitcoin and blockchain company, announced in a press release it sent to CoinReport that it has been granted license in Japan by the Japan Financial Services Agency (FSA) as a registered cryptocurrency exchange.
Founded in January 2014, bitFlyer launched its cryptocurrency exchange services in April of the same year. In just four years, together with the rapid growth in the cryptocurrency market, bitFlyer has grown to over 800,000 users and a monthly trading volume of over 1.5 trillion yen.
With a rise in the number of participants in the cryptocurrency industry, cases of related fraud and abuse have also increased. bitFlyer says it looks forward to a market that ensures improved customer protection via asset segregation and a registration program under the FSA that necessitates auditing and KYC.
The exchange says that as a licensed financial institution, it works hard to deliver safe and secure services to its customers.
bitFlyer shared these registration details in the release.
|Jurisdiction||Kanto Local Finance Bureau|
|Registration No.||Kanto Local Finance Bureau No. 00003|
|Date of Registration||September 29th, 2017|
|Exchange Name||bitFlyer, Inc.|
|Corporate Registration No.||2011101068824|
|Address||Tokyo, Minato-ku, Akasaka 3-5-5|
|Handled Cryptocurrencies||BTC (Bitcoin), ETH (Ether), ETC (Ether Classic), LTC
(Litecoin), BCH (Bitcoin Cash)
The registration of cryptocurrency exchanges was implemented as of April 1, 2017, in line with a revision to the Payment Services Act. Accordingly, only exchanges registered with the FSA are permitted to conduct the exchange of cryptocurrency in Japan (with a 6-month grace period for registration since the act came into effect).
bitFlyer completed its application for registration in May of this year and was officially registered on September 29, 2017 after an extensive examination process.
Logo courtesy of bitFlyer