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The cryptocurrency exchange bitFlyer announced a new service for exchanging (buying and selling) Bitcoin (BTC) for customers located in the European Union (EU). The new trading platform would allow investors and interested users to purchase digital assets. The goal is to help users have easier access to virtual currencies compared to traditional spot exchanges.
BitFlyer Expands In Europe
According to bitFlyer, they are trying to welcome new individuals that want to purchase Bitcoin in a simple way. This is going to help experienced traders and newcomers to the crypto market. The firm has been offering a crypto trading service specifically designed for more experienced traders.
bitFlyer Europe will include a service for users to exchange Bitcoin for euros in a fast and easy way through a bitFlyer Buy and Sell functionality. Users will have the chance to buy and sell the most popular digital asset up to a maximum of 20 BTC, close to $190,000 or around €171,000.
The exchange informed that the new service will not include trading fees but the business model is presumably based on the spread in the price for buying and selling the digital asset. While Bitcoin is currently being traded around €8,539, as reported by CoinMarketCap, bitFlyer is selling the digital asset for over €8,725.
In order to start using this service, they will have to open an account by registering themselves with basic information. That includes email and name and surname, among other data. As per the firm, they are the first crypto exchange licensed in the United States, Japan and the European Union.
It is worth mentioning that each of these three jurisdictions have different regulations which are sometimes very difficult to implement for smaller firms. Larger exchanges are also struggling to be able to comply with all the requirements imposed by countries in different continents.
The co-lead and COO of bitFlyer Europe, Andy Bryant commented about this new service for users:
“bitFlyer Buy/Sell is a virtual currency exchange for everyone – with simple two-click buy and sell capability. Not only is bitFlyer Buy/Sell easy to use, but with us users have the confidence that they are using a trusted, regulated platform with long-standing global heritage.”
At the time of writing this article, Bitcoin is being traded around $9500 and it has a market capitalization of $169 billion.
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