Bitflyer Will Let Customers Open Accounts Again After One Year Of Voluntary Suspension

A cryptocurrency exchange based in Tokyo called Bitflyer has recently decided to let its customers open up accounts again after around a year in which the company voluntarily decided to shut down new registrations after receiving an operational improvement order from the Financial Services Agency (FSA), the watchdog that takes care of crypto exchanges in Japan.

In April 2018, the Japanese FSA sent the order to Bitflyer. At the time, the company was notified that the watchdog had concerns about the identification procedures that were done by the company and that there was a high risk of money laundering because the process was not efficient enough.

So, in order to upgrade its system, Bitflyer voluntarily decided to stop new accounts from being opened. The time would be used to create new mechanisms that would help the company in order to be compliant with the local laws and to be approved by the FSA.

At the time, the company affirmed that it would strive in order to restore the trust of the consumers and that it would use its resources in order to strengthen the security of the identity management system of the company.

Also, all customers that registered online could not withdraw any fiat currency before they confirmed their ID via the postal system. As soon as they were approved, they would receive an email that would affirm that they could finally withdraw the funds.

According to some documents (currently only in Japanese), Bitflyer has until July 23, 2020, to submit a new business improvement plan to the FSA. All changes concerning aspects such as the identification system and the anti-money laundering measures have to be included in the future report.

Bitflyer has affirmed that the new accounts can be opened soon but that it may take a while before they are approved because the service is being reinstated just now.

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