bitFlyer US Customers Can Now Access the World’s Largest BTC/JPY Market
Japanese cryptocurrency exchange giant bitFlyer, is now enabling U.S. customers to trade its BTC/JPY trading pair, a move that could improve bitcoin trading volume and liquidity for the yen-denominated pair.
BTC/JPY Trading Pair Now Available to US Customers
bitFlyer customers in the United States can now start trading the BTC/JPY pair, which has been made possible through the exchange’s cross-border trading on bitFlyer USA. The company manages the world’s largest BTC/JPY market.
With US traders now able to buy the largest cryptocurrency by market capitalization using yen, it helps to boost bitcoin adoption and trading volume, while also providing liquidity for the BTC/JPY pair. While Japan has seen widespread cryptocurrency adoption in terms of trading and everyday purchase, access to Japanese markets have nonetheless seen friction due to stringent regulatory policies.
Japan has one of the most regulated crypto policy frameworks globally, with the country’s Financial Services Agency (FSA) focusing on protecting investors. Regulatory authorities in the country announced that it would implement the Financial Action Task Force (FATF) travel rule for cryptocurrency in 2022, with the aim of tackling money laundering.
Meanwhile, allowing American traders access to BTC/JPY, the crypto exchange giant serves as the conduit to the Japanese market to the ever-growing crypto industry. According to bitFlyer USA, the exchange plans to expand the scope of its market, stating that it “will continue to integrate more markets and more currencies into a global crypto ecosystem.”
Commenting on the latest development, Chief Operating Officer (COO) of bitFlyer USA, Joel Edgerton, said:
“It’s another step forward to increase global adoption of bitcoin. By opening op access to BTC/JPY markets US residents, we enable a tighter connection between the two cryptocurrency markets. Bitcoin can now act as the glue between the two local financial systems – an exciting step on the path to wider adoption.”
As reported by BTCManager back in October 2020, bitFlyer announced a new fee structure on its lightning platform, which took effect later in November. The new rates introduced by the company are the lowest fees offered to US investors by a major regulated cryptocurrency exchange.