BitFlyer, a Tokyo-based virtual currency exchange has been awarded a payment institution (PI) licence for the European Union becoming the first, and only, exchange licensed in Europe.

BitFlyer handles about a fourth of the planets bitcoin exchange volumes with over $250 billion in bitcoin traded on its platform annually and will give European traders access to the bitcoin trading market in Japan.

The organization, founded in 2014 in Japan, is already currently compliant with both Japanese and United States (as bitFlyer USA, Inc in the US) regulatory requirements.

In November of 2017, bitFlyer became only the 4th company to receive a New York BitLicense (21 NYCRR 200). Since 2015, of the 23 applicant for the BitLicense, only four companies have been granted one.

1. Ripple
2. Circle
3. Coinbase
4. BitFlyer

Ironically, Ripple is a private network and Circle no longer supports virtual currency. however, Ripple does issue its token XRP which would certainly be covered under the BitLicense.

BitFlyer is currently the only exchange with a payment institution license in Europe.


[accordion] [item title="Author and Credits"] Article by Alba Gei
Image Credits: Banner Image by staff

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