bitFlyer Gets EU's Payment Institution License, Now It's Compliant with Japanese, US and European Laws
ExchangesBit News Today2 min read
bitFlyer, the trading platform, announced today that it has obtained a license as a Payment Institution from the Lithuanian Financial Crime Investigation Service (FCIS), a wholly owned subsidiary of the Bank of Lithuania. This permission allows the company to offer its services to European customers in full compliance with local laws.
This is a significant step for bitFlyer, which has been rapidly expanding its presence in key markets around the world. Now, with the Lithuanian FCIS license, it is compliant with the financial regulations of Japan, the US, and the European Union.
Operating in the crypto industry is a challenge for exchanges looking to provide a reliable service, as they are subject to strict regulatory oversight in each jurisdiction. With the FCIS license, bitFlyer has shown that it is committed to meeting the highest standards of security and transparency as it grows its services. ## bitFlyer's vision for global adoption
"As a key player in the global exchange, bitFlyer is determined to make cryptocurrency more accessible and mainstream. By maintaining a commitment to regulatory compliance, we can better help our customers navigate the complexities of crypto," said bitFlyer's European managing director Nikhil Raghuveera.
bitFlyer's customers will now be able to make large crypto transactions and buy and sell the asset classes freely and securely. Before, crypto exchanges outside the EU would have needed to seek agreement from individual national authorities to operate in the EU. BitFlyer says the EU-wide license will enable it to expand its customer base in Europe.
A bitFlyer spokesperson confirmed that the license will allow it to begin offering derivative-based trading options to European customers in the near future. ## Growing acceptance and adoption
bitFlyer's move follows a trend in the crypto industry, with more exchanges seeking regulatory approvals to operate in key jurisdictions. In Japan, the number of approved crypto exchanges has grown in recent years. In the US, some of the largest crypto exchanges have moved to improve their compliance and have begun shutting down users from countries they do not have the proper licenses to service. The trend has picked up in recent months, as some exchanges have stopped allowing users to send and receive cryptocurrencies from certain countries to comply with regulatory requirements.
The trend underscores the growing acceptance of cryptocurrencies as a legitimate asset class, as well as the increasing demands on exchanges to operate within the bounds of the law.
