About Us

Company Profile

Trading Activity

1. Bitcoin and Altcoin Markets: These markets are where customers buy or sell directly from the Company through over-the-counter trading. The Company takes the following measures in order to ensure that a fair and stable price for each virtual currency can be offered to customers.
   • For virtual currencies handled on bitFlyer Lightning Spot: A unique price is derived from the spot price on bitFlyer Lightning and prices transmitted by multiple virtual currency exchanges.
   • For virtual currencies not handled on bitFlyer Lightning Spot: A unique price is derived from prices on other virtual currency exchanges.
   
2. Bitcoin Exchange (Easy Exchange), bitFlyer Lightning: The Bitcoin Exchange (Easy Exchange) and bitFlyer Lighting are provided by the Company mainly as a location for matching customers who want to sell virtual currency with customers who want to buy virtual currency. The prices of trades are determined by the principle of supply and demand. The principle of supply and demand is the principle of prioritizing price (buyers aim for the lowest price while sellers aim for the highest price, limit orders have a designated price, market orders do not have a designated price) and the principle of prioritizing time (orders that were placed first are prioritized over other orders for the same price). The Company may trade with our customers with the intent of providing liquidity. This is not done with the intent of obtaining profit, but for ensuring that there are enough buy and sell orders in each order book. The Company shall endeavor to minimize the number of positions held and the length of time for positions held by the Company in order to prevent conflicts of interest.
3. Wallet: Customers may deposit and withdraw virtual currency.

Methods for Receiving Orders and Processing Executions

1. Order size: More information on order size can be found here
2. Measures to prevent sudden changes in trade price: In the event of sudden price changes or changes in the status of other virtual currency exchanges that impacts the ability to receive valid and stable prices or if the prices transmitted from virtual currency exchanges significantly diverge from the market, we may suspend price transmissions on the Bitcoin and Altcoin Markets. After the price transmission has been suspended, once the Company has judged that it has become possible to continuously receive a stable price to display in the virtual currency exchange which does not significantly diverge from the market price, price transmission shall resume. To prevent sudden price changes, bitFlyer Lightning and the Bitcoin Exchange (Easy Exchange) have a circuit breaker system. A circuit breaker temporarily suspends trading in order to prevent erroneous order placement. A summary of the circuit breaker system can be referenced here.
3. Trading Rules

   Bitcoin and Altcoin Markets	Virtual currency can be bought and sold in the Bitcoin and Altcoin Markets. To place an order, input the desired amount of virtual currency to purchase or sell into the Company’s trading user interface. Virtual currency purchases and sales have predetermined minimum and maximum order sizes. More information on handled virtual currencies and order volumes can be found here.

   Spot Trading

   Exchange	Bitcoin Exchange	Lightning Spot
   Currency or pair	More information can be found here.
   Hours of Operation	24 hours/day, 365 days/year *Excludes periodic and irregular maintenance periods. More information can be found here. *Periodic maintenance is performed daily between 4:00 and 4:10 AM (JST). Maintenance times are subject to change.
   Order Designation	Please ensure that orders placed through either the Company’s online trading interface or bitFlyer Lightning API are placed during the hours of operation.
   New Orders	Buy and sell orders for virtual currency
   Order Types		IFD OCO IFDOCO Please reference About bitFlyer Lightning Special Orders for more information.
   Execution Parameters	Limit order	Market order Limit order Stop order Stop limit order Trailing stop order Please reference About bitFlyer Lightning Special Orders for more information.
   Period of Validity for Limit Orders	Orders are valid for 30 days (unless a different period is specified through bitFlyer Lightning API). Orders may be canceled due to service updates, etc.
   Order Cancellation	Limit orders can be canceled until they are executed. Market orders can not be canceled.
   Order Revision	Orders can not be revised. Please cancel the order and then place a new one.
   Maximum Order Size Minimum Order Size	More information can be found here.

   Leverage Trading

   Exchange	Lightning FX	Lightning Lightning Futures
   Currency or pair	More information can be found here.
   Hours of Operation	24 hours/day, 365 days/year *Excludes periodic and irregular maintenance periods. More information can be found here. *Periodic maintenance is performed daily between 4:00 and 4:10 AM (JST). Maintenance times are subject to change.
   Order Designation	Please ensure that orders placed through either the Company’s online trading interface or bitFlyer Lightning API are placed during the hours of operation.
   New Orders	Orders for holding new positions
   Settlement Orders	1) Net settlement by counter-sale 2) Settlement of actual receipt purchased or actual delivery sold	1) Net settlement by counter-sale 2) Automatic settlement by a special quotation (SQ) determined on the maturity date
   Order Types	IFD OCO IFDOCO Please reference About bitFlyer Lightning Special Orders for more information.
   Execution Amount Conditions	Market order Limit order Stop order Stop limit order Trailing stop order Please reference About bitFlyer Lightning Special Orders for more information.
   Execution Amount Conditions	Good 'Til Canceled Immediate or Cancel Fill or Kill Please reference About bitFlyer Lightning Special Orders for more information.
   Period of Validity for Limit Orders	Orders are valid for 30 days (unless a different period is specified through bitFlyer Lightning API). Orders may be canceled due to service updates, etc.
   Order Cancellation	Limit orders can be canceled until they are executed. Market orders can not be canceled.
   Order Revision	Orders can not be revised. Please cancel the order and then place a new one.
   Maximum Order Size Minimum Order Size	More information can be found here.
   Structure of Margin Trading	Please reference What is Lightning FX?, and What is Lightning Futures? for more information on the basic structure of Lightning FX, and Lightning Futures.
   Sell Out	The Company has established sell out rules where countersales automatically occur when losses exceed a predetermined rate. More information can be referenced here.
   Margin Call	Margin call rules are triggered when the maintenance margin rate falls below a level determined by the Company. More information can be referenced here.

Response to Large-scale Blockchain Divergences

Overview of Virtual Currency Handling

Risks

Please ensure that you have thoroughly studied the risks and the structure of trading in advance and trade at your own responsibility.

The following are examples of risks that may lead to potential losses. For more information on risks and details on other risks, please read the risks of Spot Trading, Lightning FX, and Lightning Futures.

1. Price Fluctuation Risks

   Virtual currency exchange transactions carry the possibility of loss due 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 and/or demand, changing prices of commodities, fiat currencies, or other markets, natural disasters, wars; changes to laws, regulations, statutes, and governments, and changes to virtual currencies may cause drastic price fluctuations of virtual currencies. The price may even fall to zero. For bitFlyer Lightning FX and Lightning Futures, as the transaction amount is proportionately greater than the margin deposited by the registered user for the transaction, with the potential for losses to be amplified proportionally when using leverage, the amount of loss may exceed the margin pledged.

   Leverage Risks

   While leverage trading may result in obtaining large profits, it also carries the risk of incurring large losses. Since trades on Lightning FX and Lightning Futures are for an amount that is comparatively larger than the amount that the registered user places into their margin deposit, it is possible to incur large losses proportional to the leverage rate used, which may exceed the amount in the margin deposit. When performing leveraged trades, supplemental margin deposits may be required in advance. Leverage trades are processed using the funds in the margin account. Unless the margin account becomes negative, the customer must manually transfer funds from their spot account to their margin account.

   For bitFlyer Lightning FX and Lightning Futures, the Company has established sell out rules where countersales automatically occur when losses exceed a predetermined rate, but there is a possibility that fluctuations in virtual currency prices, etc., may cause the transaction to exceed the amount in the customer’s margin account.

2. Business Hours Risks

   In situations such as when system maintenance is underway, virtual currency exchange transactions and their associated requests can not 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.

3. Virtual Currency Network Risks

   Virtual currencies are electronically recorded and may be lost during transfer across the network. Virtual currency transactions (transaction confirmation on blockchains) will be held for a certain period of time until an adequate amount of trade confirmations have been received. There is also a risk of losses being incurred if any serious problems occur during the transfer process. There are also risks of virtual currency being lost or prices decreasing due to cyber attacks, etc.

4. System Risks

   As a result of causes that include, but are not limited to, damage to the telecommunications networks, systems, and equipment used by the Company and customers, damage to a connection, natural disasters such as earthquakes, lightning, and fires, and cyber attacks, etc., the electronic trading system may be rendered unusable temporarily, and transmission of customer orders may be delayed or fail to process, resulting in invalidation or completion in an unintended manner. Note that in the event of electronic trading system failure, all or part of the Service, including the execution of trades may be suspended or restricted by the Company.

   Login or other information (including, but is not limited to, email addresses, login IDs, API keys, passwords, API secrets, private keys, authentication codes, personal identification numbers (PIN), and the same when referred to by other names; collectively “login information”) used to electronically authenticate on the electronic trading system that it is stolen, intercepted, or otherwise leaked, may result in damages or losses to customers in the event that it is used maliciously by a third party.

5. Risks of The Company's Bankruptcy, Etc.

   There is a risk that the Company will be unable to continue doing business due to reasons such as changes in the external environment. In the unlikely event that the Company is unable to continue doing business, bankruptcy procedures (which include dealing with customer assets) will be carried out in accordance with applicable laws (the Bankruptcy Act, the Companies Act, the Corporate Reorganization Act, the Civil Rehabilitation Act, etc.). The fiat currency and virtual currencies deposited to us by the Company’s customers are stored separately and managed separately from the Company’s own assets.

User Assets

1. Management Method for Asset Segregation
   1. Method for Managing Entrusted Money

      The Company stores and manages monetary deposits in a bank account named “bitFlyer, Inc. Customer Account” (Kabushiki Gaisha Bittofuraiyaa Kokyaku Azukari Guchi). The Company's own monetary assets are stored and managed in separate accounts. The following banks are used for deposits.

      • Sumitomo Mitsui Banking Corporation
      • AEON BANK, Ltd.
      • SBI Sumishin Net Bank
      • Jibun Bank Corporation
   2. Management Method for Deposited Virtual Currency

      Please reference “Methods for Managing User Assets” below.

   3. Policy on asset loss due to cyberattack

      If users suffer virtual currency losses as a result of a cyberattack that the company is deemed responsible for, the company shall reimburse the losses in accordance with laws and ordinances. When compensating losses, the company shall respond to specific cases of substantial losses as soon as possible. In order to appropriately return the losses suffered by the users at the time of compensation, the method of compensation (including, but not limited to, compensation in fiat or virtual currency) shall be determined based on the amount of virtual currency lost, difficulties in supply, price movement after the loss, and other relevant factors.

2. Methods for Managing User Assets
   1. Methods for managing user assets

      The Company manages its data so that virtual currencies held by us and virtual currencies held by each customer can be distinguished immediately. Furthermore, regarding the distinction between the Company’s wallets for storing virtual currencies and customers’ wallets for storing virtual currencies, even on the blockchains, the Company's assets and customers’ virtual currencies are managed separately in accordance with the Company's policy.

      Additionally, the majority of our customers’ assets for each virtual currency the Company lists are stored in separately managed cold wallets.The Company also manages a portion of virtual currency with multi-sig.

      • Cold Wallets

        Cold wallets are a method of storing virtual currency. A cold wallet differs from other wallets by storing virtual currency in an environment that is not connected to the Internet. The Company’s cold wallets are protected by multiple physical security measures and a 24-hour surveillance system for extra protection. The management of each virtual currency handled in cold wallets is a standard prescribed by the Company. In addition to cold wallets, private keys are always encrypted so that even if a private key were to be leaked, it would be impossible to be used by a third party.

      • Multisig (Multiple-signature Wallet)

        Multisig technology requires multiple private keys to authorize remittance. Multisig technology can be used to create highly secure wallets. With the proper configuration of multisig, even if a private key, the most important piece of data, were to be leaked, it would still be impossible to move the corresponding virtual currency without the other required key(s). In general, it is significantly difficult for an attacker to penetrate two or more highly secure platforms at the same time.

   2. Equipment, personnel, and methodology required for the secure management of user assets

      The Company shall maintain the necessary equipment, and sufficient personnel to operate the equipment, for moving the fiat and virtual currencies that are user assets. Additionally, the Company shall establish strict internal regulations on the procedures involving private keys required to move virtual currency.

*Although Lightning Futures (leveraged trades settled through net settlement) is not covered by the Payment Services Act, the Company voluntarily carries out segregated management for these trades as if it were required in the Payment Services Act.

Fees, Etc.

Complaints and Consultation

Dispute Resolution Measures

Certified Association for Payment Service Providers Membership

About the Contract

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