In its latest move to expand its US presence in the cryptocurrency market, bitFlyer USA has acquired a Connecticut Money Transmission License (MT-1528491), paving the way for the operation to start catering to the State’s residents.
The addition of Connecticut broadens bitFlyer’s footprint to 49 total US States and territories, with plans to open services to West Virginia down the road. Connecticut residents can now buy, sell, and hold major cryptocurrencies, including Bitcoin and Ethereum, through the exchange’s service or mobile application.
Joel Edgerton, bitFlyer USA Chief Operating Officer, remarks, “bitFlyer USA is happy to continue our expansion by adding Connecticut as our 48th state. We have achieved significant growth in our business this year and look forward to bringing our global platform to Connecticut customers.”
Residents Gain Access To Affordable Execution
In keeping with its efforts to make cryptocurrency more approachable, bitFlyer features one of the lowest platform fee structures. Except for wire transfer withdrawals, the platform charges no fees for deposits and withdrawals in US dollars, no maintenance fees, and no account creation fees.
The new license also opens the bitFlyer Lightning trading platform to sophisticated traders and institutional investors located in the state. The professional-grade platform’s fee structure depends on monthly trading volume, with spot transactions starting as low as 0.03%.
Besides the buy and sell features, Connecticut users can also arrange recurring cryptocurrency purchases and take advantage of ACH transfer compatibility to seamlessly move funds into the ecosystem.
Increased Accessibility Mirrors Heightened Turnover
Since its launch, bitFlyer USA, which operates under Japan-based parent company bitFlyer Holdings, has forged strong relationships with local regulators and authorities, helping it become the only exchange platform licensed to operate in Japan, Europe, and the United States.
With Bitcoin and Ethereum prices on the rise, bitFlyer has seen turnover climb accordingly. The company is already the most active cryptocurrency exchange platform operating in Japan and globally reported over $77 billion in total volume during November 2020 alone.
With over 2.5 million customers and counting, the exchanges growing global presence will also be accompanied by new products and services as bitFlyer enlarges its platform to support other financial services.
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