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Japanese Exchange bitFlyer Launches U.S. Bitcoin Exchange

Japanese bitcoin exchange bitFlyer has become the latest firm to offer cryptocurrency exchange in the United States, following the launch of its newly regulated bitcoin exchange.

The company, which is one of Japan’s foremost exchange operators, has announced the launch of its U.S. service following regulatory approval from the New York State Department of Financial Services, giving the green light to their intentions to operate across the U.S.

According to the terms of their license, bitFlyer is now in a position to offer exchange services across some 34 American states, following on from a private beta testing phase that saw up to 2,000 initial investors working with their system.

Plans for a U.S. expansion were first tabled back in August, with CEO Yuzo Kano describing the plans at the time as part of the company’s vision for a global reach.

“While bitFlyer Inc. is headquartered in Japan, my vision was always to create a global company, and I am excited that the U.S. will be its first step toward global expansion. Bitcoin is a global currency, now our exchange will be global too.”

Today, Kano recognized the major milestone of the BitLicense as a crucial step in bringing bitFlyer to the U.S. market.

“BitFlyer is proud to have been granted a BitLicense to do business in the state of New York ... This is a nod of approval from one of the most influential state financial services regulators in the nation.”

The U.S. exchange will initially facilitate transactions in bitcoin only, as it continues to gain traction among new users. However, bitFlyer suggested that support for additional cryptocurrencies will arrive in the near future.

The BitLicense granted from New York authorities is among the first of its kind, since the guidelines were formalized just two years ago. Designed as a regulatory passport for companies wishing to operate in the cryptocurrency space, the approval represents a significant achievement for bitFlyer in rolling out their business to a global customer base.

With bitcoin reaching new all-time highs this week, and interest among investors continuing to grow month on month, the approval has come at a good time for bitFlyer, as the company seeks to expand its business into alternative global markets.

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