bitFlyer granted European operating license |

bitFlyer granted European operating license

Peter Terlato 23 January 2018 NEWS

The Tokyo-based bitcoin exchange becomes the first to be regulated in Japan, the United States and Europe.

Cryptocurrency exchange bitFlyer has been issued a Payment Institution (PI) license to operate in the European Union. The exchange is the only approved platform allowing trade with bitcoin’s largest trading market, Japan.

bitFlyer facilitates one quarter (25%) of worldwide bitcoin exchange volumes, according to Coinhills data. The exchange expedited US$250 billion worth of virtual currency trades in 2017. The Tokyo-based bitcoin exchange is now the first to be regulated in Japan, the United States and Europe.

Coinhills data also reveals that approximately €10 billion in bitcoin is traded globally each month, making the European market an enticing operating arena for cryptocurrency exchanges catering to professional traders.

bitFlyer was granted its PI by Luxembourg regulator Commission de Surveillance du Secteur Financier and will market its platform from the company’s base at The Luxembourg House of Financial Technology Foundation.

bitFlyer will initially offer bitcoin as a trading pair with the euro (BTC/EUR). However, the company plans to add support for others including Litecoin, Ethereum, Ethereum Classic and Bitcoin Cash at a later point in 2018.

CoinMarketCap currently lists bitFlyer as the sixth-largest exchange globally, by trading volume. The exchange officially launched in the US in late November, following a months-long private beta with around 2,000 users.

Bitcoin: How it works, current prices and can you actually make money?

Of the 21 million bitcoins ever available for trade, more than 16.8 million (80%) have already been mined. Global finance giant Visa does not consider cryptocurrencies, such as bitcoin, an acceptable form of payment.

Earlier this week, the Lightning Network, which offers a potential solution to bitcoin’s scalability issues, reportedly completed its first ever transaction, according to a recent post on online discussion forum Reddit.

Go beyond bitcoin to discover alternative cryptocurrencies and gain further insight by exploring our guide.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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