Victor Ugochukwu · Dec 14, 2020 . 5min read
bitFlyer to suspend deposits and payments from unregistered addresses
Crypto exchange bitFlyer has taken counter measures to restrict deposits and withdrawals from unregistered companies in Japan and overseas.
By Komal Joshi · Oct 2, 2020 . 5min read
bitFlyer, a Japanese cryptocurrency exchange, declared policy concerning consumer assets, deposits, and virtual currency withdrawals in an email. The crypto exchange bitFlyer describes itself as a bitcoin exchange and marketplace. It offers its consumers convenient and interesting ways to purchase, sell, and consume Bitcoins.
bitFlyer declares that it has taken measures such as the cancellation and suspension of deposits and payments linked to investment projects that are unregistered token projects in Japan and overseas. Additionally, bitFlyer will suspend services for deposits and withdrawals in regards to addresses that are at high risk.
bitFlyer to comply with FATF Travel rules in future
bitFlyer reveals that this policy would correspond to investment projects which are doubtful to be unregistered companies in Japan and overseas, such as fraudulent acts. It says that this policy is not in regards to the FATF travel rules regarding cooperation systems of significant countries working on anti-money laundering measures.
However, it says that they are contemplating to comply with the FATF rules in the future. However, all bitFlyer entities are in regulations with the highest standards according to their jurisdictions. This indicates proper controls and compliance with local AML and KYC laws.
Recently, bitFlyer Europe declared that it had launched cross-border trading on its platform. Thus, offering its users in Europe with access to Japan’s bitcoin markets from its European-regulated platform. Additionally, bitFlyer assumes that the launch of this cross-border trading is a massive breakthrough for the firm. It will make trading remarkably simple, comfortable, and fast for the users who trade utilizing Euros.
Earlier, bitFlyer Europe commenced supporting PayPal deposits. Thus, the exchange users can deposit funds into their accounts through PayPal. This indicates they now have a new and beneficial method to purchase cryptos on their platform.
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