Japan’s BitFlyer Launches U.S. Crypto Exchange

Japan’s BitFlyer Launches U.S. Crypto Exchange

All the eyes are on Bitcoin while it gets near $10,000. And because the price mania carries on, a drive for institutional cryptocurrency trading opportunities in the U. S., in which government regulation remains to be greatly strict and underdeveloped, is really heating up.

The operator of Japan’s leading Bitcoin exchange bitFlyer has now formally launched in the United States right after getting approval coming from regulators such as the New York State Department of Financial Services (NYDFS).

As part of today’s announcement, the step ends with a private beta which observed the exchange working for 2,000 initial clients. The official launch likewise happens a few months after bitFlyer first exposed its plan to expand its doors in the United States. During the time, the startup claimed it had acquired authorization to run in thirty four states.

As part of today’s launch, bitFlyer said that it had been given a “BitLicense” coming from the New York State Department of Financial Services. Formalized last 2015, the BitLicense platform was an early effort to supervise firms dealing with cryptocurrencies in the United States.

“BitFlyer is proud to have been granted a BitLicense to do business in the state of New York,” CEO Yuzo Kano said in a statement. “This is a nod of approval from one of the most influential state financial services regulators in the nation.”

Even though the exchange will only allow for bitcoin trading initially, bitFlyer pointed out that it will move to get support for more cryptocurrencies after some time.

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