Japanese Crypto Exchange BitFlyer Sets Up Shop In The EU
Bitfyer has announced the launch of its new branch in Europe as part of its expansion measures. The Japanese-based Bitcoin exchange announced on Monday that it is has been awarded a payment institution license (PI) that will allow it to operate in the EU. The license was provided by the Commission de Surveillance du Secteur Financier (CSSF), in partnership with the Luxembourg House of Financial Technology Foundation (LHoFT).
The launch of BitFlye’s new branch in Europe is also part of the company’s plan to attract more professional traders who deal with large sales volumes. The launch is also fueled by the fact that it is more of a niche market that is poorly serviced in the EU. BitFlyer is one of the first cryptocurrency exchanges to be regulated in Japan and it is also regulated in the U.S. According to our data reveals that BitFlyer is the 14th largest cryptocurrency exchange based on volumes traded.
In a statement, BitFlyer CEO Yuzo Kane said: “I’m proud that we’re now the most compliant bitcoin and other digital currency exchange in the globe; this coveted regulatory status offers our clients, our organization and the digital currency business as an entire a totally advantageous future outlook.”
The launch of the BitFlyer’s new branch in the EU comes just five months after it launched a branch in the U.S after receiving approval from regulators such as the New York State Department of Financial Services. This highlights the rapid pace of development that has been adopted by the Bitcoin exchange as it aims to have an early start in these markets to take advantage of the opportunities they offer. It will also allow the exchange to build a reputation while the cryptocurrency market is still in its early days, allowing it to build a good reputation that will also play out as an advantage over its rivals.
The new launch will allow BitFlyer to start trading BTC/EUR although the company plans to introduce more currency pair options over the course of this year. It plans to introduce options for cryptocurrencies such as Ethereum. Litecoin, Bitcoin Cash and Ethereum Classic among other digital currencies.
The Exchange has also introduced an offer for zero trading fees along with the launch of the new EU branch as part of its plan to attract new customers. However, the offer will expire towards the end of February. Pierre Gramegna, the Minister of Finance in Luxembourg stated that EU regulators were pleased with the fact that BitFlyer decided to set up the new EU branch in Luxembourg.