BitFlyer cryptocurrency exchange resumed opening new accounts a year later

BitFlyer Tokyo Cryptocurrency Exchange will resume opening new accounts from July 3, after a year ago, it voluntarily suspended this opportunity.

According to the statement, the procedure for activating a new account after the restoration of the service may take longer than usual. Last year, BitFlyer received
an order to improve operations from the Financial Services Agency of Japan (FSA) due to concerns about weak identification procedures and the potential risks of money laundering.

In accordance with this order, the company stopped registering new users in order to strengthen
their identification and KYC checks.

“We will strive to restore customer confidence through careful adherence to relevant laws and regulations, and further strengthening our management system,” the statement said.
companies at the time.

In addition, at that time, users who registered online were prohibited from withdrawing funds in Japanese Yen or performing operations with cryptocurrencies until the exchange confirms the user’s identity and address through the mail system. Those who passed the test received a letter in the mail.

According to a previous FSA order, a company must submit a plan for improving business operations by July 23, 2020. The company was also asked to develop risk management systems such as money laundering and terrorist financing, supervise the anti-social forces control system and create a system for maintaining confidentiality and accounting.