BitFlyer, headquartered in Tokyo, has announced its official expansion into the United States and has been granted a license to operate in New York. The launch of BitFlyer USA follows the conclusion of its beta phase. More than 2,000 investors traded Bitcoin through the new platform during that period. BitFlyer, Japan’s largest Bitcoin exchange, opened an office in San Francisco in August. It also revealed at the time that it had already received regulatory approval to operate in 34 U.S. states.
BitFlyer confirmed its intention to expand operations in New York after obtaining a BitLicense. Established by the New York State Department of Financial Services in 2014, the licensing framework has faced criticism in the past for its strict regulations. BitFlyer becomes the fourth company to receive the license, following Circle, Ripple and Coinbase.
Below are the details of this announcement:
https://www.youtube.com/watch?v=rq6GaMqhtkQ
Targeting institutional investors
BitFlyer’s CEO, Yuzo Kano, said the company is very proud to have secured the license and to be able to expand within New York State. He added that this represents an endorsement from one of the most influential U.S. regulators.
BitFlyer’s U.S. expansion will focus on institutional investors. The service was designed for professional traders who regularly trade more than $100,000 in cryptocurrencies each month.
Additional cryptocurrencies to be added to trading
BitFlyer confirmed that other digital currencies, such as Litecoin and Ethereum, will be added in early 2018. At launch, the group will offer free trading fees. That promotion will continue through the end of the year.
As one of the world’s largest Bitcoin exchanges, BitFlyer has received support from three Japanese banks that participate in cryptocurrency trading. The group plans to continue expanding its presence across additional U.S. states next year.