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   90

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.

BitFlyer Gets License to Operate in Europe

The PI licence was granted by Luxembourg's financial watchdog and the company will be based at the Luxembourg House of Financial Technology Foundation
23 January 2018   1058

BitFlyer, one of the world’s first cryptocurrency trading platforms, announced on Tuesday it has been granted a payment-institution license to operate in the European Union.

The PI licence was granted by Luxembourg's financial watchdog, the Commission de Surveillance du Secteur Financier (CSSF), and the company will be based at the Luxembourg House of Financial Technology Foundation (LHoFT).

BitFlyer is the most compliant virtual currency exchange in the world. Approved regulatory status is fundamental to the long-term future of bitcoin and the virtual currency industry.


Yuzo Kano

CEO, BitFlyer

Luxembourg's finance minister, Pierre Gramegna, said he was delighted that "one of the most successful Japanese startups chose Luxembourg as their EU platform".

BitFlyer also announced it will offer euro-denominated bitcoins and the company is planning to add support for other cryptocurrencies including Litecoin, Ethereum, Ethereum Classic and Bitcoin Cash later in the year.