Bitflyer Enters Europe
Continuing its foray into global markets ‘Bitflyer’, the Tokyo based crypto exchange giant has entered European Union. In an announcement, Bitflyer confirmed about the grant of PI (Payment Institution) License from Commission de Surveillance du Secteur Finacier (CSSF), the financial regulator of Luxembourg and from the Luxembourg House of Financial Technology Foundation (LHoFT).
Last year during fall of 2017, Bitflyer, launched its exchange in US after receiving approval from regulators including the New York State Department of Financial Services. Following the grant, Luxembourg's Minister of Finance Pierre Gramegna quoted, "We're delighted that one of the most successful Japanese startups chose Luxembourg as their EU platform." Andy Bryant, COO of the new European branch of the exchange, added by saying,
"Through our web interface or API, traders can get up and running quickly and benefit from some of the most robust systems, highest speeds and an interface designed with their specific needs in mind."
Significance of the Move
Japan is one of the world’s crypto trading hubs, alongside Korea and of course the U.S., but those in the industry say Europe has potential to grow significantly. Binance CEO Zhao Changpeng told TechCrunch in a recent interview that Italy, France, Germany, the UK and Turkey are among his exchange’s fastest rising markets. Yuzo Kano, the founder and CEO of bitFlyer, said
" 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."
Size of the Exchange
As per data from coinmarketcap.com, Bitflyer is the world’s 14th largest exchange in terms of volume and has more than $294 million worth of trading daily. Unlike other exchanges which offer a gamut of altcoins, Bitflyer has stuck to mainstream crypto i.e., it offers its users to trade Bitcoin, Bitcoin cash, Ethereum, Ethereum classic and few popular Japanese coins like Monacoin.
Bitflyer claims to be the first bitcoin exchange to be regulated in Japan, US and now Europe. BitFlyer CEO and founder Yuzo Kane quoted,"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."
The company’s European office will be in Luxembourg and bitFlyer adds that its initial focus will be reserved to high-volume, professional traders who are ‘currently underserved’ in the continent. To bring in new EU-based customers, the branch has rolled out zero percent trading fees as an introductory offer until the end of February.
As a strategy, initially Bitflyer plans to stick to Bitcoin in Europe, which it will trade with Euros. But the company said it intends to offer “other virtual currencies such as Litecoin, Ethereum, Ethereum Classic and Bitcoin Cash later in the year".