Japan’s largest bitcoin and blockchain company, in Tokyo-based bitFlyer, Inc. today announced its official recognition by the Japan Financial Services Agency (FSA) as a registered virtual currency exchange.
The agency also gave approval to QUOINE, SBI VC Trade, and Zaif. Earlier this month, CoinCheck also received approval.
bitFlyer was founded in January 2014 and launched its digital currency exchange services in April of the same year. In just four years, alongside the rapid growth in the crypto market, bitFlyer has grown to over 800,000 users and a monthly trading volume of over 1.5 trillion yen.
The leading company stated that as the number of players grows within bitcoin, so do cases of related fraud and abuse. Therefore, as a leading company, bitFlyer said they look forward to a market that ensures increased customer protection through asset segregation, and a registration program under the FSA that requires KYC and auditing.
The bitFlyer team stated:
“Now, as a licensed financial institution, bitFlyer works hard to provide safe and secure services to its customers. bitFlyer continues to contribute to the further growth of the industry as the leader in virtual currency and blockchain technology in Japan.”
Virtual Currency Exchange Registration Overview
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
Postal Code 107-0052
Address Tokyo, Minato-ku, Akasaka 3-5-5
Phone Number 03-6425-5523
Handled Virtual Currencies BTC (Bitcoin), ETH (Ether), ETC (Ether Classic), LTC (Litecoin), BCH (Bitcoin Cash)
Japan’s Virtual Currency Exchange Registration
The registration of virtual currency exchanges was implemented as of April 1, 2017, in accordance with a revision to the Payment Services Act. As a result, only exchanges registered with the FSA are permitted to conduct the exchange of virtual currency 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 today on September 29th, 2017 following an extensive examination process.
bitFlyer is recorded as the largest in monthly transaction volume, number of customers, and capital in Japan. (As of the end of February 2017 based on research by Seed Planning: February 2017
Digital Currency Exchange Bitcoin Transaction Volume Research).