And while it will only support Bitcoin at very first, plans call for it to support other cryptos, including Ethereum and Ethereum Classic next year.
Considered to be the world&rsquo,s largest Bitcoin exchange ter terms of trading volume, Japanese-based bitFlyer has landed ter the U.S.
Operators announced this week that its plans to expand ter the U.S. are panning out spil it&rsquo,s has regulatory approval to receive a coveted license to do business te the states.
It&rsquo,s called the BitLicense. Doled out by the Fresh York Department of Financial Service, the license has bot granted to only five other crypto firms. With the addition of Fresh York to the list of where it operates ter the U.S., bitFlyer boasts now being te 42 states.
I love Fresh York
The Fresh York State Department of Financial Services (DFS) announced this week that it has approved bitFlyer USA&rsquo,s application for the BitLicense. The potencial currency license permits the company to opoffering an online digital currency exchange and trading toneelpodium. It can also provide custodial wallet services for Bitcoin.
About the news, DFS&rsquo,s Superintendent Maria Vullo said:
&ldquo,Spil Fresh York&rsquo,s financial services regulator, DFS&rsquo,s mission is to encourage innovation while protecting markets and consumers. Spil the imaginario currency market expands, Fresh York will proceed to support technological innovation while enforcing strong state-based regulation.&rdquo,
To be granted the license, bitFlyer USA had to go through a comprehensive review that included an ter depth look at its policies related to:
- anti-money laundering
- consumer protection
- cyber security
Going forward, bitFlyer will proceed to be subject to DFS supervision. Thesis terms were clearly acceptable to bitFlyer&rsquo,s executives. Its CEO Yuzu Kano said:
&ldquo,The BitLicense propels bitFlyer forward te our mission to make the world simpler through Blockchain. DFS&rsquo, rigorous application ensures only the most safe and compliant firms can operate ter Fresh York. The US team has worked closely with DFS through the application process and wij appreciate the relationship wij&rsquo,ve built with them.&rdquo,
DFS has approved six firms for posible currency charters or licenses, while denying those applications that did not meet its standards. Ter addition to bitFlyer USA, DFS has granted licenses to Coinbase, XRP II and Circle Internet Financial. It&rsquo,s issued charters to Gemini Trust Company and itBit Trust Company.
For institutional buyers, bitFlyer&rsquo,s entry could be a sperzieboon. They&rsquo,ll be able to tapkast Japan&rsquo,s very liquid crypto market, which has a notoriously high amount of Bitcoin trading.
bitFlyer permits traders to not only place orders, but to also finish ingewikkeld trade orders. The U.S. trading toneelpodium is specifically built for professional and wealthy traders who trade $100,000 or more te cryptos a month.
Bartek Ringwelski, bitFlyer USA&rsquo,s chief operating officer said:
&ldquo,Our expansion and upcoming cross-border trading addresses a thick unmet need te the U.S. by institutional traders looking to access large amounts of liquidity across numerous potencial currency markets. Through our web interface or API, approved professional traders can be up and running and making trades ter a matter of hours.&rdquo,
bitFlyer plans to suggest zero procent trading fees ter the U.S. through the end of this year. And while it will only support Bitcoin at very first, plans call for it to support other cryptos, including Ethereum and Ethereum Classic next year.
The sky is the limit, noted Ringwelski, who said to CNBC:
“Bitcoin ter transitions from something that is viewed spil a social phenomenon and very quickly transitions into an established institutional phenomenon. Spil regulation increases te the space people are going to feel more and more convenient about Bitcoin.”