Tokyo-based crypto firm bitFlyer, the operator of the world’s largest Bitcoin exchange by volume, has been officially launched in Europe after being granted a Payment Institution license to operate legitimately in the EU.
The granting of the license has officially made bitFlyer the ‘world’s most compliant’ cryptocurrency exchange; it is the first and only exchange in the world to be officially regulated within Japan, the United States, and Europe. bitFlyer will begin its operations in Europe by offering BTC/EUR, and will add support for some of the world’s other largest cryptocurrencies by market cap later in 2018.
bitFlyer Targets Professional Traders
bitFlyer is hoping that the legitimization of its platform will make it the go-to exchange for high-volume professional and institutional crypto traders, a sector of the market that bitFlyer believes is underserved in Europe. BitSpread CEO Cedric Jeanson said: “As virtual currency trading becomes mainstream and institutional investors get involved, there is a gap in Europe for a platform which specifically caters to the professional market.”
Andy Bryant, COO of bitFlyer Europe, explained that the bitFlyer platform is particularly well-suited to professional investors because it was “designed by traders for traders.” He continued to say that traders on bitFlyer will benefit from quick account setup as well as “some of the most robust systems,” although he did not mention exactly what those robust systems entailed.
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bitFlyer’s PI license was granted by both the Luxembourg-based Commission de Surveillance du Secteur Financier (CSSF) and the Luxembourg House of Financial Technology Foundation (The LHoFT).
As the cryptocurrency markets have rocketed in every direction in unpredictable cycles of mania and depression, the world’s governments and financial institutions have scrambled to find ways to regulate crypto to protect citizens and themselves. Some in the crypto community decry regulation as crypto’s death knell; others, like bitFlyer, have chosen to embrace the regulatory vibes.
bitFlyer CEO Yuzo Kano explained: “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.”