Bitflyer Takes the Reins: Acquiring FTX Japan amid Bankruptcy Fallout

Today (Thursday), it was disclosed that Bitflyer, a Japanesecryptocurrency exchange, has acquired the Japanese operations of FTX, which hadpreviously filed for Chapter 11 bankruptcy protection in November 2022. FTXJapan was among over 100 affiliated entities included in the bankruptcyproceedings.

Asset Segregation Raises Recovery Hopes

In contrast to its parent company, FTX Japan reported havingmore assets than liabilities, with approximately $134 million in user assetssegregated from FTX Trading. This distinction raised hopes for the potentialrecovery of funds belonging to Japanese customers.

Bitcoin.com News reported over a year and five months agothat FTX Japan customers would gradually be allowed to withdraw their assets.Founded by Yuzo Kano, a former Goldman Sachs trader, Bitflyer is awell-established cryptocurrency exchange in Japan, having received a licensefrom the Japanese Financial Services Agency in September 2017.

Just-In: BitFlyer Exchange Plans To Acquire FTX Japan https://t.co/W00Wq9XkmB

According to NHK, Bitflyer is set to acquire all shares ofFTX Japan, valuing the subsidiary in the range of several billion yen. As ofthe latest update, Bitflyer has reported a 24-hour trade volume ofapproximately $73.11 million, prominently driven by BTC/JPY transactions. Itcurrently ranks 22nd among global exchanges by trading volume as of Today.

Implementing TRUST Network

In preparation for Japan's stricter cryptocurrencyregulations starting in June 2023, Bitflyerimplemented enhanced anti-money laundering rules aligning with the FATF'sTravel Rule, as reported by FinanceMagnates.

These rules mandate sharing customer details for transactionsexceeding $3,000, including sender and recipient names, addresses, and accountinformation. Bitflyer now restricts deposits and transfers unlesscounterparties are part of the Travel Rule Universal Solution Technology(TRUST) network.

This network, backed by major exchanges like Coinbase andBitGo, facilitates secure information transmission among virtual asset serviceproviders to comply with regulatory requirements effectively.

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Japanese exchange BitFlyer to acquire FTX Japan

Following the acquisition, FTX Japan will be renamed and operate a crypto custody service that will feature crypto ETFs once such products are allowed in Japan.

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Happy Bitcoin Pizza Day 2021!

Today is May 22nd, which means it's Pizza Day for the Bitcoin/Crypto community! On May 22nd 2010, Laszlo Hanyecz bought two Pizzas fo 10 000 BTC, which was worth around 33.00 back in 2010.

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Crypto Compliance – bitFlyer Implements Travel Rule For Secure Remittances: Report

BitFlyer, one of Japan’s prominent cryptocurrency exchanges, has recently made an important announcement that is set to impact its customers. Effective from May 30th, the exchange will only support cryptocurrency deposits and transfers from exchanges or wallets that comply with the travel rule. The travel rule, established to curb illicit activities such as money laundering […]

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Japan’s Crypto Revolution: Tax Reforms Pave The Way For Web3 Growth

The Japan Blockchain Association (JBA) is actively making substantial efforts to revamp the crypto asset tax system in Japan with the goal of nurturing a more conducive environment for the growing Web3 industry. Yuzo Kano, the representative director of bitFlyer Inc. and the JBA, has taken the initiative to submit a comprehensive request to the […]

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BitFlyer Embraces FATF's 'Travel Rule' as Japan Starts AML Regime

Ahead of Japan's strict crypto monitoring regime starting in June, cryptocurrency exchange bitFlyer has adopted tougher anti-money laundering (AML) rules for digital asset transactions. The measures are in line with global financial watchdog Financial Action Task Force’s (FATF) AML regulation known as the ‘Travel Rule’.

BitFlyer Adopts Travel Rule

Japan’s upcoming rules are expected to impose stricter AML measures on cryptocurrency transactions in line with the Travel Rule. Finance Magnates reported that non-compliant firms are expected to face criminal charges in line with the new regulation.

Under the Travel Rules, crypto exchanges, wallet platforms, and other service providers are required to share certain customer information for transactions that are more than $3,000. This includes details such as the name and address of the sender and recipient, along with their account information.

Embracing these rules, bitFlyer said it has introduced restrictions on deposits and crypto transfers to all its corporate and individual customers. The restriction means that users will not be able to initiate transactions with exchanges that are not part of the Travel Rule Universal Solution Technology (TRUST) network.

TRUST network is a messaging protocol to securely transmit information between virtual asset service providers. The platform was developed by leading exchanges such as Coinbase, BitGo, and Paxos.

In the announcement, BitFlyer noted that TRUST-supported digital assets currently covered by its platform includes Bitcoin (BTC), Ether (ETH) and ERC-20 tokens such as Shiba Inu, MATIC and LINK. The firm also pointed out that only cryptocurrency exchange CoinCheck is TRUST-compliant in Japan and only BTC transactions are currently permissible with the exchange in line with the Travel Rule. However, BitFlyer expects ETH and ERC-20 tokens to join the list soon.

“In the future, depending on the response of other crypto asset exchange companies, we will consider adopting travel rule solutions other than TRUST to improve customer convenience,” BitFlyer said in a statement in Japanese (as translated by Google). It further pointed out that it could decide to change how it handles crypto deposits and transfers.

Stablecoins in Japan

Meanwhile, Japan’s financial regulator recently disclosed that the country intends to allow local investors to trade foreign stablecoins such as USD Coin (USDC) or Tether (USDT) latest by the end of the second quarter this year. However, certain restrictions are still expected.

The development follows the country’s passage of a regulation last year that defined stablecoins as digital money. The law requires that stablecoins must be linked to the Japanese yen or another legal currency. It also limits the issuance of stablecoins to licensed banks, registered money transfer agents and trust companies.

Huobi HK launches; US approves Eurex BTC Futures; read today's nuggets.

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bitFlyer restricts crypto transfers to comply with the Travel Rule

bitFlyer announced the Travel Rule restrictions will apply to TRUST-compatible exchanges across 21 countries. The exchange will also only allow transactions for TRUST-compatible cryptocurrencies, which include Bitcoin, Ethereum and some ERC-20 tokens. Crypto transfers in Japan can only be made to and from Coincheck, the country’s other TRUST-compatible exchange. Japan-based cryptocurrency exchange bitFlyer has announced restrictions […]

The post bitFlyer restricts crypto transfers to comply with the Travel Rule appeared first on CoinJournal.

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Crypto Exchange bitFlyer Implements Travel Rule for Crypto Asset Transfers

BitFlyer, a leading Japanese crypto asset exchange operator, announced the implementation of new regulations known as the travel rule, aimed at preventing criminal activities and enhancing security in the crypto industry. (Read More)

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BitFlyer adopts crypto deposit limits to comply with Travel Rule

While adopting restrictions on transactions between exchanges, bitFlyer still supports transactions to and from self-custody wallets like MetaMask.

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Japan Blockchain Association Proposes Cryptocurrency Tax Reforms to Government

The Japan Blockchain Association (JBA), led by Representative Director Yuji Kano of bitFlyer, submitted a proposal for cryptocurrency tax reforms to the government on July 28, 2023. (Read More)

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Shiba Inu Gains Major Exposure With This Listing

Efforts of the Shiba Inu army finally prevailed, as the popular meme token is set to go live on a leading Japan-based crypto exchange BitFlyer. Although the specific dates are yet to be announced, the trading platform unveiled a lottery with a prize pool of 10,000 yen for 20 eligible winners to commemorate the listing. […]

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bitFlyer Co-Founder Seeks to Reinstate as CEO

Yuzo Kano, co-founder of cryptocurrency exchange bitFlyer, plans to reintroduce himself as CEO at a shareholders meeting next month. Kano wants to revitalize the company by introducing stablecoins, token-issuance operations, and an IPO, while also opening up the company's blockchain. He claims bitFlyer has become stagnant since his resignation in 2019, and aims to put Japan back on the map in the world of cryptocurrency. (Read More)

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bitFlyer Review 2022: Is bitFlyer a Good Exchange?

This article is all about the bitFlyer review 2022 and whether bitFlyer is a good exchange. Let's take a look at it in more detail.

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ACA Group Has Decided to Abandon its Acquisition of BitFlyer Holdings

ACA Group, a leading financial advisor for institutions across the world has officially announced to the public that it is no longer interested in purchasing holdings of a Japanese-based cryptocurrency exchange, BitFlyer (Read More)

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bitFlyer USA lists Polkadot (DOT), Tezos (XTZ), Basic Attention Token (BAT), and Stellar (XLM)

bitFlyer, Japan’s largest headquartered cryptocurrency exchange also licensed to operate in the US, EU, today announced the listing of 4 new crypto-assets for trading on bitFlyer USA. Starting today, Polkadot (DOT), Tezos (XTZ), Basic Attention Token (BAT), and Stellar (XLM) will be available for exchange. Further, bitFlyer USA customers will be able to deposit these […]

The post bitFlyer USA lists Polkadot (DOT), Tezos (XTZ), Basic Attention Token (BAT), and Stellar (XLM) appeared first on CryptoNinjas.

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Japanese Crypto Exchange bitFlyer Eyes Expansion with Acquisition

The exchange is planning to capture 10 percent of the crypto market in the US.

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bitFlyer Registers As Type 1 Financial Instruments Business

bitFlyer released a “Notice of Registration as a Type 1 Financial Instrument Business. It comes under the Financial Instruments and ...

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Bitcoin extends slide below $43K as Binance’s BTC stash grows to May-crash levels

Bitcoin has been leaving Coinbase’s wallets in 2021, while BTC exchange reserves on Binance tell a different story.

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What is Monacoin? (MONA) - A bitFlyer Academy Guide for Beginners

Launched in Dec 2013, Monacoin is “Japan’s first cryptocurrency” and the outcome of a Litecoin hard fork. MONA was initially created as the native asset for a hash-finding game but has become increasingly popular, to the extent of being used for day-to-day payments & transactions.

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A look at Ethereum and the history of the second biggest cryptocurrency in terms of volume

Second only to Bitcoin in terms of market capitalisation, Ethereum is an open-source, blockchain-powered, distributed computing platform. It also enables Smart Contracts and Decentralised Applications (DApps) that are effectively censorship-resistant, tamper-proof, and have minimal downtime.

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