Today, bitFlyer Europe’s parent company, bitFlyer Inc. (Japan), received an improvement order from the Japanese Financial Services Agency (JFSA), the regulator of virtual currencies in Japan. This is part of an industry-wide JFSA initiative to improve management and operations of virtual currency exchanges.
bitFlyer Europe is a separate legal entity from bitFlyer Inc. (Japan) and as such operates its business and procedures independently from the Japanese business. bitFlyer Europe is regulated in Europe by the CSSF, has its own operations and compliance team and set of procedures, and there is no suggestion that any of bitFlyer Europe’s operations fall short of any of its regulatory requirements. To be clear, no deficiencies have been found in bitFlyer Europe. Customer assets are safe in all regions.
The order received by bitFlyer Inc. (Japan) relates to bitFlyer Inc. (Japan)’s KYC / AML procedures, quality assurance processes and asset segregation. As a result, bitFlyer Inc. (Japan) has suspended new customer onboarding while it works to address these areas. In support of our parent company’s voluntary action, bitFlyer Europe and USA will also be temporarily pausing the onboarding of new customers.
bitFlyer Group holds all the regulators we work with in incredibly high regard. As a group, we strongly believe that regulation is fundamental to the long-term future of Bitcoin and the virtual currency industry. We have chosen to take a regulated approach because we believe it is best for our customers. The safety and security of our customers and their assets on our platform has always been and will remain our highest priority.
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