BitFlyer to Toughen Users Verification Rules

From 26.04, users registering online will not be able to send crypto assets or withdraw Japanese yen until their identity and address have been confirmed 
12 April 2018   922

The large Japanese cryptocurrency exchange bitFlyer announced that it will review the verification process of users against the backdrop of criticism from the Financial Services Agency, reports CoinDesk.

As stated in the announcement, starting from April 26, users who have passed online registration will no longer be able to perform transactions with cryptocurrency assets and withdraw Japanese yens until their identity and address are confirmed through receipt of a letter from the exchange. Similarly, the opportunity to pay for goods by bitcoins via bitFlyer will be suspended.

As the newspaper notes, a statement on tightening the verification rules was followed by the publication of the Japanese news agency Nikkei.

So, according to representatives of FSA, the exchange allows customers to start trading immediately after receiving a scanned copy of their identity card. It is noted that the platform at this stage can not fully confirm the information received. This fact aroused fears of the FSA that bitFlyer could be used as a site for money laundering.

Despite the fact that the exchange denies weak compliance with the KYC rules, bitFlyer intends to cooperate with the FSA to strengthen existing measures to prevent money laundering, representatives of the platform said.

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   780

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.