BitFlyer, The Japanese Bitcoin Exchange Gets License To Operate In US

BitFlyer, a Japanese cryptocurrency exchange has delighted crypto enthusiasts worldwide with their announcement of expanding base into U.S. wherein it has received an approval of operating in 42 states. This comes in the form of regulatory approval via Department of Financial Services’ “BitLicense” of New York state.

Presently only five other crypto companies have this license. Coinbase for example has an approval of operating in 48 U.S. states including the likes of Washington, D.C and Gemini is presently operational in 46 states. BitFlyer, the biggest Japanese cryptocurrency exchange trades in Bitcoin worth $180 million on a daily basis. It ranks on the 14^th position as the largest exchange worldwide but considering the margin volume, BitFlyer occupies the numero uno slot in terms of aggregate exchange volume.

Since its foundation in 2014, BitFlyer had accumulated $36 million through venture funding. Initially, the U.S. exchange of BitFlyer shall provide support to Bitcoin/USD pairs but slowly it will rollforward its, “Plans to expand its cryptocurrencies to include altcoins such as Litecoin, Ethereum, Ethereum Classic, Bitcoin Cash and more”.

Presently, just deposit and withdrawal of Bitcoin through USD wire transfer shall be supported in BitFlyer’s U.S. exchange. Thus it can be assumed that the early bird users will be high net worth and institutional investors. With time, the exchange will add some additional  formats of fund outflow and inflow such as ACH transfer which will make it easy for consumers to deposit and withdraw cash. Just like its peers, BitFlyer shall also have a tiered verification level with the first level asking for personal information such as name, address, email, cell phone verification. In return it will allow consumers to engage in bitcoin trading worth $3000 on a daily basis whereas a maximum of $2000 can be deposited and withdrawn daily.

Additional information such as proof of identity through photo ID, bank account verification shall be required to be filled in the second tier which in turn will allow users to withdraw bitcoin up to $50000 on a daily basis and engage in trading of unlimited magnitude. The demand for cryptocurrencies have increased rapidly causing its price to rise by 1200% since last year. However there are not ample places to serve the growing needs of people. In spite of dozens of such exchanges established across the globe, only a handful have received the legal recognition in United States of which Coinbase and Gemini are the most noteworthy. These exchanges also feel handicapped with slow service response times of customers which is an obvious by-product of the massive rise in customer applications. Given such a background, there lies ample scope for BitFlyer to showcase its true potential especially in the field of delivering a solid customer service and trading experience. If they are able to fill in those gaps, then nothing can stop them from gaining the top slot in U.S. crypto market.

Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.

<div class=”fb-comments” data-href=”https://kryptomoney.com” data-numposts=”5″></div>