Bitflyer Launches Its New Cryptocurrency Exchange for US Customers

Bitflyer, the world’s largest cryptocurrency
exchange, is muscling in on U.S. territory after securing a highly coveted Bit License. Just three of the licenses have previously
been awarded, which entitle a company to operate a bitcoin exchange within New York. The Japanese exchange will now roll its services
out to customers in a total of 41 U.S. states. From Tokyo to New York
In its native Japan, Bitflyer provides trading of bitcoin, bitcoin cash, and ethereum against
the yen, with 24-hour BTC volume of around US $170 million. This accounts for 96% of all trading activity
on the platform. Having secured permission to launch across
the majority of the U.S, the Tokyo company will be able to significantly broaden its
customer base and to tap into Americans’ growing demand for cryptocurrencies. Japanese cryptocurrency investors have traded
$100 billion of assets via Bitflyer this year and the exchange will be hoping it can capture
a similar share of the U.S. market. It will face stiff competition though from
established exchanges such as Coinbase, Gemini, Bittrex, and Kraken. One exchange it won’t have to compete with
is Asian neighbor Bitfinex, which is in the process of cutting ties with the U.S. market. Gemini is making great strides in its quest
to grow its customer base; today the New York-based exchange announced that it has opened its
services to Oregon residents, taking the number of states covered to 46. Japan’s Largest Bitcoin Exchange is Flying
Bitflyer, which accounts for 30% of all bitcoin exchange volume, is evidently pleased to have
gotten its hands on a Bit License from the New York Department of Financial Services. These are notoriously hard to obtain, and
are evidence that Bitflyer has put significant time and effort into its U.S. expansion. CEO Yuzo Kano said: Bitflyer is proud to have been granted a Bit
License to do business in the state of New York. This is a nod of approval from one of the
most influential state financial services regulators in the nation. At first customers will only be able to purchase
bitcoin, though Bitflyer has plans to introduce other cryptocurrencies in due course. As an incentive to lure U.S. customers, the
exchange will be offering 0% trading fees until the end of the year. It was in August that Bitflyer first announced
its planned foray into the United States. The highly regarded Japanese exchange now
has a chance to prove itself Stateside, but will have its work out to catch Coinbase,
which dominates the American market and has a major presence in 189 other countries.

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