European Union conceded the company, a permit of Payment Institution, making it the principal Bitcoin exchange to be controlled in the US, Japan, and Europe. The Tokyo-based, bitFlyer is one of the world’s biggest Bitcoin trade and the first cryptocurrency trading stage that declared its launch in Europe.
World’s biggest bitcoin trade gets the green light
With more than 25 billion USD worth of bitcoins being exchanged on bitFlyer’s platform, the world’s’ biggest bitcoin trade handles about a fourth of globe’s bitcoin exchange volumes. Since 2017 ending, bitcoin is having a rough ride. According to coindesk data, from the December high of around 20,000 US dollars, it has tumbled down to 10,624.42 US dollars on January 22.
Presently, bitFlyer is grasping the regualtion that the cryptocurrency market fears is without a doubt coming its direction.
On Tuesday, the company declared that it has been allowed the payment institution license to work in the Europe Union. After its regulatory endorsement in US and Japan, the company has picked up entry in Europe that makes it the most consistent virtual currency exchange on the planet.
The CEO of bitFlyer and a previous trader of Goldman Sachs Group Inc. Yuzo Kano said in a statement:
“Approved regulatory status is fundamental to the long-term future of bitcoin and the virtual-currency industry.”
A year ago, towards the end of November, bitFlyer ventured into the US market and made arrangements to open an exchange in Europe. This Europe launch came hot on the heels of the exchange’s explosive development in Japan and US.
Yuzo Kano additionally clarified:
“When I set up bitFlyer in 2014, I did so with global ambitions and the belief that approved regulatory status is fundamental to the long-term future of Bitcoin and the virtual currency industry. I am proud that we are now the most compliant virtual currency exchange in the world; this coveted regulatory status gives our customers, our company, and the virtual currency industry as a whole a very positive future outlook.”
bitFlyer got its European PI permit from Luxembourg regulator Commission de Surveillance du Secteur Financier. The essential focus of the company is the gathering of people that is right now underserved in Europe that is proficient and high-volume traders.
Andy Bryant, the COO of bitFlyer Europe was quoted as saying:
“Through our web interface or API, traders can get up and run quickly and benefit from some of the most robust systems, highest speeds and an interface designed with their specific needs in mind.”
Being the only authorized exchange in Europe, bitFlyer will give the traders access to the world’s biggest bitcoin trading market in Japan. As indicated by the assessments, roughly 10 billion euro of bitcoin is traded every month around the world. This makes euro the third biggest bitcoin market after US dollar and Japanese Yen.