Tokyo-based bitcoin exchange BitFlyer announced the official expansion in the United States and also received a BitLicense operating in New York.
Published today, the official launch of the US Bitflyer company follows a closed beta version in which 2000 selected merchants bought and sold the lighter through the new platform launched. BitFlyer, the most extensive Japanese exchange of bits in trading volume, set up an office in San Francisco in August, and in particular noted that it had already obtained regulatory approval to operate in 34 states at that time.
According to its launch today, BitFlyer has confirmed its official approval to operate in New York after a BitLicense has been awarded. Established by the State Department of Financial Services in New York in 2014, the licensing framework has been criticized for restrictive regulations in the past and has so far granted only three Circle, Ripple, and Coinbase licenses. BitFlyer becomes the fourth company to obtain the license and first foreign exchange to do so.
“BitFlyer is proud to have been awarded a BitLicense to do business in New York,” said BitFlyer Director Yuzo Kano. “This is a sign of approval from one of the nation’s most influential regulators of state financial services.”
In particular, BitFlyer adds its drilling in the United States will primarily target institutional investors making an “unexploded” market. The market and platform are designed for professional traders who typically trade 100,000 USD or more in cryptocurrencies very month, according to the exchange.
“Our expansion and future cross-border transaction address a massive need in the United States by institutional traders wishing to access vast amounts of liquidity in several virtual currency markets. Through our web interface or API, authorized professional traders can be locked up and can make transactions within minutes.” –US BitFlyer C.O.O, Bartek Ringwelski
Also, BitFlyer has confirmed plans to include support for cryptocurrencies such as Ethereum Classic, Ethereum, Bitcoin Cash, Litecoin and much more at the beginning of 2018. With its launch, the exchange allowed bitcoin trading and offers until the end of the year.
Between the hugest bitcoin exchanges in the world, BitFlyer saw institutional support from none of the three Japanese “megabanks” who are all bitstream investors.