bitFlyer review
bitFlyer is a centralized cryptocurrency exchange founded in 2014 by former Goldman Sachs trader Yuzo Kano. It is one of Japan's oldest licensed exchanges, registered as a Cryptocurrency Exchange Service Provider under Japan's Financial Services Agency (FSA), and expanded into the US (bitFlyer USA, 2017) and Europe (2018) through separately regulated subsidiaries. Compared with most offshore exchanges in this category, bitFlyer's Japan-regulated status is a genuine differentiator: it operates under the FSA's client-asset segregation and AML supervision regime. That said, its record is not spotless — in 2018 Japanese regulators ordered it to improve AML controls, and in 2023 New York's DFS fined bitFlyer USA $1.2 million for cybersecurity program failures. Its coin selection is narrower than most global rivals.
bitFlyer key facts
- Website: bitflyer.com
- Category: Centralized cryptocurrency exchange (CEX)
- Founded: 2014, by Yuzo Kano
- Headquarters: Tokyo, Japan
- Regulatory status: Registered exchange under Japan's FSA; bitFlyer USA licensed in New York
- Trading fees: Japan spot 0.01%-0.15% (BTC); US spot 0.1%-0.2% tiered
- Supported assets: About a dozen major cryptocurrencies, a narrow catalog by design
- Products: Spot and margin/futures trading
- Notable regulatory history: NYDFS fined bitFlyer USA $1.2M in 2023 for cybersecurity violations
- CEO: Yuzo Kano
- FYI Score: 82.7/100 (ranked #124 of the crypto exchanges we track)
Trading fees
- Japan platform: BTC spot fees range roughly 0.01%-0.15%; ETH and BCH around 0.02%, per CoinGecko's tracked fee schedule
- US platform: tiered structure, about 0.1% for monthly volume under $50,000 and 0.2% above, with select pairs such as BTC/EUR and ETH/BTC fee-free
- No native-token fee discount program of the kind larger offshore exchanges offer
Supported assets
- A comparatively narrow, curated coin list versus most competitors: CoinGecko indexes 5 coins and 9 pairs on its tracked market, while CoinMarketCap-sourced data cites roughly a dozen digital assets overall
- Core pairs are built around BTC, ETH and XRP against JPY, USD and EUR
- Listing conservatism reflects its regulated posture rather than an attempt to maximize asset count
Security & regulation
- Registered as a Cryptocurrency Exchange Service Provider under Japan's FSA, subject to client-asset segregation and ongoing supervision requirements
- In 2018, Japanese regulators ordered bitFlyer, along with five other exchanges, to improve anti-money-laundering procedures
- bitFlyer USA operates under New York State licensing; NYDFS fined it $1.2 million in May 2023 for failing to conduct required periodic cybersecurity risk assessments and for relying on inadequate, untranslated security policy templates from its Japanese parent
- CoinGecko trust score of 7/10, with no security incidents recorded in its most recent assessment window
Fiat & payments
- Deep JPY on/off-ramp integration reflecting its Japan-first user base
- Also supports USD and EUR pairs through its US and Europe subsidiaries
- Restricts access from 60+ countries, including Russia, North Korea, Iran and Venezuela, consistent with sanctions compliance
Markets
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Who bitFlyer is for
bitFlyer suits users who prioritize a licensed, supervised exchange, particularly JPY-based traders, over having access to the widest possible coin selection; its catalog is narrow compared with most global rivals.
Pros
- One of the more heavily regulated exchanges in this category: registered under Japan's FSA and separately licensed for its US operations
- Long operating history since 2014, among the older exchanges to survive Japan's post-Mt. Gox regulatory tightening
- CoinGecko trust score of 7/10 with no security incidents in its latest review window
- Deep JPY liquidity and payment integration for the Japanese market
Cons
- bitFlyer USA was fined $1.2 million by New York's DFS in 2023 for cybersecurity program failures, including inadequate risk assessments and stale, untranslated security policies inherited from its Japanese parent
- In 2018, Japanese regulators ordered bitFlyer to improve anti-money-laundering controls alongside five other exchanges
- Much narrower coin selection than most global competitors, which may limit its usefulness for traders wanting broad altcoin exposure
- Blocks users from 60+ countries, narrowing its addressable market versus more permissive offshore exchanges
bitFlyer FAQ
Is bitFlyer regulated?
Yes. bitFlyer is registered as a Cryptocurrency Exchange Service Provider under Japan's Financial Services Agency (FSA), and its US subsidiary, bitFlyer USA, operates under New York State licensing. This regulatory footprint is more extensive than most exchanges in this category, many of which operate offshore without equivalent licensing.
Has bitFlyer been fined or sanctioned?
Yes, twice on record. In 2018, Japanese regulators ordered bitFlyer to improve its anti-money-laundering procedures alongside five other exchanges. In May 2023, New York's Department of Financial Services fined bitFlyer USA $1.2 million for cybersecurity program failures, including not conducting required periodic risk assessments and using outdated, untranslated security policy templates from its Japanese parent.
What cryptocurrencies does bitFlyer support?
A relatively small, curated list compared with most competitors: roughly a dozen major cryptocurrencies such as BTC, ETH and XRP, built around JPY, USD and EUR pairs, rather than the hundreds of altcoins offered by many offshore exchanges.
What are bitFlyer's trading fees?
On its Japan platform, BTC spot fees run roughly 0.01% to 0.15% depending on volume, with ETH and BCH around 0.02%. Its US platform uses a tiered structure of about 0.1% for monthly volumes under $50,000 and 0.2% above that, with some pairs like BTC/EUR fee-free.
Compare bitFlyer with other crypto exchanges
See all crypto exchanges ranked by FYI →
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