bitFlyer to suspend New Accounts due to Strict Regulation

3 days after the Japanese government demanded crypto exchanges to improve their infrastructures, bitFlyer has suspended the registration of new accounts
22 June 2018   1244

The Japanese financial authorities required the Financial Action Task Force (FATF) to realize unified crypto regulations to oversee crypto exchanges internationally with the same standard and policies on June 16. This measure was directed on preventing the applying the anonymous cryptocurrencies.

It’s nearly impossible for Japan to handle the problem alone. Even if trade is restricted to only domestic transfers or monitoring is enhanced, it’s still not enough to counter money laundering. It would be best if all the group of 20 industrial and emerging nations and regions (G20) would take the same steps toward prevention.
Spokesperson, FSA
(Japanese Financial Services Agency)

On June 19 (Tuesday), the Japanese government demonstrated that it has demanded 5 registered and licensed crypto exchanges in the country (including bitFlyer and Quoine) to refit their internal systems, after discovering some flaws in the internal management systems of the exchanges that handle money laundering prevention and transaction monitoring.

Today, on June 22, bitFlyer ceased new account registrations and reviewed its internal management system to fix its AML and KYC processes. Local analysts have confirmed that the exchange reacted quickly to the requirement from the authorities because a previous report (published by the Mainichi Shimbun, the oldest newspaper in Japan that disclosed the Yakuza, the country’s biggest crime syndicate with over 100,000 members) declared that hundreds of millions of dollars were laundered via  major cryptocurrency exchanges.

Most Crypto-Optimists Live in Norway, Bitflyer Study

According to bitFlyer's poll on future of crypto, europeans believes cryptocurrency has future
24 April 2019   83

Most Europeans believe that in ten years digital currencies will continue to be in demand, but they do not have the same confidence about Bitcoin. This is reported by Cryptonews, citing a study of the bitFlyer.

10 thousand people from ten European countries took part in the online survey. Of these, 63% believe in a “bright future” cryptocurrency. However, not all Europeans are confident in the future of Bitcoin - only 55% believe that the first cryptocurrency will exist in ten years.

It is also noteworthy that, despite the fall in prices of most cryptocurrencies that lasted for almost a year, the majority of respondents positively assessed the prospects for the development of the market.

Most of the “crypto-optimists” turned out to live in Norway - 73% of the inhabitants of this Scandinavian country are convinced that a decade later, digital currencies will still be in society. This is followed by Italy (68%), the Netherlands and Poland close the top four (67% each).

The percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time
The percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time

But the exact form of cryptocurrency will exist, almost no one knows. Only 8% believe that they will become money, and 7% - a tool for investment or a means of preserving value.

The fact that Bitcoin is not generating as much support as other cryptocurrencies is in part a symptom of the market’s volatility, but is also a direct impact of the constant media attention that is associated to its volatility.

Andy Bryant

COO, bitFlyer Europe

He also added that the study demonstrated how much remains to be done to increase public awareness of the benefits and opportunities of cryptocurrencies.