Written Explanation as per Articles 16 and 17 of the Cabinet Office Ordinances on Virtual Currency Exchange Services
The virtual currency handled by our company is different from the fiat currencies of Japan and other countries. The value of virtual currency is not guaranteed by an established party.
Company Profile
bitFlyer, Inc.
Midtown Tower 8F, 9-7-1 Akasaka, Minato-ku, Tokyo 107-6208
Registered Virtual Currency Exchange Operator (Registration No. 00003, issued by the Director of the Kanto Local Finance Bureau)
Trading Activity
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Bitcoin and Altcoin Markets: Customers may engage in virtual currency purchase/sales transactions with our company at the prices presented.
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Simple Exchange, bitFlyer Lightning: We provide a place primarily where registered users who want to buy virtual currency are matched with registered users who want to sell. Prices are determined by supply and demand among the transaction participants.
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Wallet: Customers may deposit virtual currency with us as well as wire currency between accounts and to external addresses.
Overview of Virtual Currency Handling
See About the virtual currencies we handle for further information.
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They can be used for tender of payment to non-designated parties as well as for purchase and sale with non-designated parties.
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With no issuer-set limitations, virtual currencies can be exchanged for Japanese yen and other fiat currencies as well as for other virtual currencies, given there are exchange markets in place for trade among these currencies.
Risks
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Price Fluctuation Risk
Virtual currency exchange transactions carry the possibility of loss owing to price fluctuations in the virtual currency of transaction as well as other price fluctuations. Note that unexpected or specific events, including but not limited to changes to the balance of supply/demand; changing price of commodities, fiat currency, or other markets; natural disasters; wars; change to laws, regulations, statutes, and the government; and changes to virtual currency may cause drastic price fluctuations of virtual currencies. The price may even fall to zero. For bitFlyer FX transactions, as the transaction amount is proportionally greater than the margin deposited by the registered user for the transaction, the amount of loss may exceed the margin pledged.
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Business Hours Risk
In situations such as when system maintenance is underway, virtual currency exchange transactions and their associated requests cannot be carried out. During these times, there is the risk of market prices fluctuating significantly. In addition, during these periods, some requests related to virtual currency exchange transactions cannot be accepted.
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Risks of our company's bankruptcy, etc.
There is a risk that our company will be unable to continue doing business due to reasons such as changes in the external environment. In the unlikely event that our company is unable to continue doing business, bankruptcy procedures (which include dealing with customer assets) will be carried out in accordance with applicable laws (bankruptcy law, corporate law, corporate reorganization law, civil rehabilitation law, etc.). We separate money and virtual currency deposited by customers from the company's assets and manage them separately.
We ask that registered users engage in transactions at their own risk after thorough research into the structure and risks of these transactions.
Please see here regarding other risks: (Spot Trading、Lightning FX)
Management Method for Segregation
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Management Method for Entrusted Money
Funds are segregated as deposits in our company's bank account under the name of customer's account (Kokyaku Azukariguchi), separate from our own financial assets. The depository bank name is as follows.
- Sumitomo Mitsui Banking Corporation
- MUFG Bank, Ltd.
The payment methods have not changed from the previous methods.
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Method for Managing Entrusted Virtual Currency
Virtual currencies are managed through differentiated addresses for use by users. They are also managed and classified within our company’s personal assets and blockchain. Additionally, the bulk of bitcoins and ethereums are stored in cold wallets classified for user or company portions.
*Although futures (leveraged trades solely through the settlement of price differences) are not covered by the Act on Settlement of Funds, we voluntarily carry out segregated management for these trades as required in the Act on Settlement of Funds.
Fees, Etc.
Fees and other charges accepted as payment from registered users are as set forth in the Fees.
The necessary fees are purchase and sales fees, Japanese yen withdrawal fees, bank transfer fees (specified by each financial institution), Quick Deposit fees, bitWire fees, and any other fees related to virtual currencies. For transactions on Lightning FX, there is also a need for margin and swap fees. SFD may also be necessary.
Complaints and Consultation
For more information on transactions and services, please contact us here.
- Contact page
- Fax: +81-(0)3-6435-5524
- Email: info@bitflyer.com
- Address: Midtown Tower 8F, 9-7-1 Akasaka, Minato-ku, Tokyo 107-6208
bitFlyer, Inc.
Designated Dispute Resolution Organization for Virtual Currency Exchange Services
The Tokyo Bar Association's Dispute Resolution Center, the Dai-ichi Tokyo Bar Association's Arbitration Center, and the Daini Tokyo Bar Association's Arbitration and Mediation Center are available for Alternative Dispute Resolution (ADR).
Inquiries and Support
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Mediation and Arbitration
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Tokyo Bar Association
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1-1-3 Kasumigaseki, Chiyoda-ku, Tokyo 100-0013, Japan
Tel: 03-3581-0031
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Dai-ichi Tokyo Bar Association
ADR Center
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1-1-3 Kasumigaseki, Chiyoda-ku, Tokyo 100-0013, Japan
Tel: 03-3595-8588
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Dai-ni Tokyo Bar Association
ADR Center
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1-1-3 Kasumigaseki, Chiyoda-ku, Tokyo 100-0013, Japan
Tel: 03-3581-2249
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About the Contract
Parties who wish to use our services as they relate to virtual currency exchange must register for these services. Once user registration is complete, it remains valid until the date on which that user’s registration is cancelled. If you would like to have your user registration cancelled, please notify us using the inquiry form found on our website.
Other
The Terms of Use stipulate items that must be observed by registered users during use of our service as well as the relationships of rights and obligations between our company and between all registered users. We ask that you take time to carefully read over these terms.