bitFlyer, the popular Japanese cryptocurrency exchange, recently announced that it had been granted the necessary regulatory permission to operate in Europe.
This makes bitFlyer the first and only exchange that has regulatory authority for its operations in three of the most competitive markets: Japan, U.S., and Europe.
bitFlyer obtained its Payment Institution (PI) to conduct business in Europe through a Luxembourg regulatory authority, Commission de Surveillance du Secteur Financier (CSSF).
The move was welcomed by the Luxembourg Minister of Finance, Pierre Gramegna, who praised bitFlyer.
“We’re delighted that one of the most successful Japanese startups chose Luxembourg as their EU platform,” Gramegna said.
bitFlyer has indeed been one of the most successful ventures that have come out of Japan lately. With over 100,000 Bitcoins in volume, it is the most significant Bitcoin exchange in the world.
It is not just its Bitcoin trading volume that the company could boast about. It recorded a trading volume of $150 billion in November-December 2017, which no doubt was due to the boost provided by the incredible rise of cryptocurrencies in the last year. The company generated a trading volume of $100 billion between January-October 2017.
Since then, even with the drop in Bitcoin value, bitFlyer’s trading volume for this month is clocking around $50 billion so far.
The company is very excited to launch its operations in Europe and will be offering free trading throughout its locations within the region until the end of next month but without any leverage.
That is still a massive move and something that could entice a lot of traders to try bitFlyer’s services, either by switching to the exchange altogether or by having its service as a trial in addition to their primary exchange until they could make a lasting decision.
bitFlyer was founded in Tokyo, in 2014, by Yuzo Kano, a former banker from Goldman Sachs and the current CEO for bitFlyer. Since its inception, the exchange has evolved to be the leading institution for cryptocurrency trading in Japan. The country’s friendly stance towards cryptocurrencies, especially Bitcoin, has only helped fuel the company’s journey towards notable growth.
bitFlyer is excited about the expansion
The company is very excited about its recent developments in Europe. With the currently offered promotion of free trading until the end of February 2018, it aims to target high-volume traders so that they could enhance its user base for its new region.
bitFlyer’s founder and CEO Yuzo Kano explained that his very ambition behind starting bitFlyer was for the venture to go global, as that would help establish cryptocurrency’s future throughout the world.
“When I set up bitFlyer in 2014, I did so with global ambitions and the belief that approved regulatory status is fundamental to the long-term future of Bitcoin and the virtual currency industry.”
He further mentioned that he is proud of bitFlyer for its current status as it only provides hopes for the future.
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“I am proud that we are now the most compliant virtual currency exchange in the world. This coveted regulatory status gives our customers, our company and the virtual currency industry as a whole a very positive future outlook.”