Japanese bitcoin exchange, Bitflyer is now legally operational in the European Union region. However, this is after it was granted Payment Institution (PI) license to run services in the area.
This makes it the first Japanese exchange to regulate in Japan, the US, and Europe. The sixth largest crypto exchange is legally operating in European Union region. It has introduced free trading offer on its platform in the area until February to attract new users.
In an announcement, COO of the new EU platform of Bitflyer, Andy Bryant, said,
“Through our web interface or API, traders can get up and run quickly and benefit from some of the most robust systems, highest speeds and an interface designing with their specific needs in mind.”
The PI (Payment Institution) license was issued by Luxembourg regulator, the Luxembourg House of Financial Technology Foundation (LHoFT) and the Commission de Surveillance du Secteur Financier (CSSF).
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Luxembourg’s Minister of Finance Pierre Gramegna said,
“We’re delighted that one of the most successful Japanese startups chose Luxembourg as their EU platform.”
In Europe regions, it will target the underserved financial communities in the area including professional, high-volume traders.
Andy Bryant, Chief Operating Officer of bitFlyer Europe, says,
“What we bring to Europe is a platform create traders for traders. Through our web interface or API, traders run quickly and benefit from some of the most robust systems, highest speeds and an interface designs with their specific needs in mind”.
The EU licensing comes after BitFlyer got a license to operate in the U.S. in November last year. BitFlyer launched officially in the US after receiving approval from regulators including the New York State Department of Financial Services.
However, the exchange hails from a Bitcoin explosive market in Japan.
The platform was explosive last year, with about 25 percent of global Bitcoin exchanges and over $250bn worth of virtual currency exchanges. At present, according to CoinMarketCap, BitFlyer is the sixth largest exchange worldwide by Bitcoin trading volume.