The largest Bitcoin exchange in the world by trading volume is being launched in the United States. BitFlyer, based in Tokyo, announced on Tuesday that it would become the fourth digital exchange center to receive a “BitLicense” to operate in New York City, (Coinbase, Circle, and Ripple are the other three exchanges with one ” BitLicense “, granted by the Department of Financial Services of New York) although BitFlyer also has licenses to operate in 41 other states.
The trade volume of Bitcoin in Japanese yen represents 60 percent or more of the volume of global trade in the mother cryptocurrency. As BitFlyer has almost 80 percent of that volume in bitcoin – yen operations.
BitFlyer plans to offer zero commissions for the exchange in the US exchange until the end of the year to start attracting potential American clients. At the launch, the US BitFlyer exchange will only support Bitcoin / USD pairs but apparently plans to expand the offer to other altcoins such as Ethereum, Ethereum Classic, Litecoin, Bitcoin Cash and others, by early 2018.
As in almost all exchanges, bitFlyer will have different staggered verification levels. The first level of verification will request basic personal information, such as name, surname, address, email and mobile phone verification. In this first way you can deposit and withdraw a maximum of $ 2,000 per day and exchange a maximum of $ 3,000 in Bitcoin per day. In the second level a bank account confirmation will be requested, proof of identity through identification with photos, proof of place of residence etc … This way users will be allowed to deposit and withdraw up to a maximum of $ 50,000 in Bitcoins per day, being able to exchange the cryptocurrency mother unlimitedly.
At this moment, the exchange only admits deposits and withdrawals through electronic transfers, both in Dolar and in Bitcoin, in this way surely the first users will be large investors or of high patrimony. As its trading platform in the United States is designed for professional traders who exchange a minimum of $ 100,000 in Bitcoin each month. Subsequently, new deposit and withdrawal methods will be provided, such as the ACH transfer that will allow entry to the average investor.
The director of operations of bitFlyer in the United States, Bartek Ringwelski commented:
Our expansion and the upcoming cross-border operations address a great unmet need in the US. UU From institutional operators seeking to access large amounts of liquidity in multiple virtual currency markets
The exchange has raised $ 36 million in venture capital since its foundation in 2014.
More exchanges available translates into more competition, and competition is always good after all, we welcome BitFlyer to the American market.