The European subsidiary of Japanese crypto exchange bitFlyer on Tuesday launched a simplified Bitcoin buying and selling services for the European traders.
The new service is an extension to its already existing pro-traders services, called Lightning, in the European Union market. With it, the exchange is targeting “beginners” as well as “experienced traders” who are willing to invest in the original digital asset.
“bitFlyer Buy/Sell is a virtual currency exchange for everyone – with simple two-click buy and sell capability. Not only is bitFlyer Buy/Sell easy to use, but with us users have the confidence that they are using a trusted, regulated platform with long-standing global heritage,” Andy Bryant, co-lead and chief operating officer of bitFlyer Europe, said.
As seen on the trading platform, the new Bitcoin buying and selling service does not keep an order book, and the exchange is charging zero fees for trade execution. However, it is setting a premium price for the digital currency and making profits from the spread.
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The new platform also restricts every transaction with an upper limit of 20 Bitcoins.
Keeping up with the regulatory rules
Regulated by the EU laws, the exchange does not allow traders based in the United States to trade on it and follows all necessary know-your-customer (KYC) rules, including verification of the user’s passport or driving license.
bitFlyer operates a crypto exchange in the United States as well and also became one of the early receivers of BitLicense to operate in the state of New York.
In May, the Japanese company set up a new subsidiary for its blockchain business and named Yuzo Kano as its chief executive.
Meanwhile, many other exchanges are also targeting the European market with crypto trading services. Finance Magnates today reported that Swiss-based Smart Valor just launched a crypto-fiat trading exchange with four fiat currencies. Binance also entered the market earlier this year with a subsidiary in the island of Jersey.