The virtual currencies handled by bitFlyer, Inc. (hereafter “the company”) are different from the fiat currencies of Japan and other countries. The value of virtual currency is not guaranteed by an established party.
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)
See About the virtual currencies we handle for further information.
The following are examples of risks. For more information on risks and details on other risks, please read the risks of Spot Trading, Lightning FX, and Lightning Futures.
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 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 Lightning FX and Lightning Futures transactions, 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.
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.
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, et cetera.
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.
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.
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.
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 using the methods prescribed with our company’s regulations.
*Although Lightning Futures (leveraged trades solely through the settlement of price differences) is not covered by the Payment Services Act, we voluntarily carry out segregated management for these trades as required in the Payment Services Act.
Fees and other charges to be paid by registered users are as set forth in the Fees list.
The necessary fees are purchase and sales fees, Japanese yen withdrawal fees, bank transfer fees (specified by each financial institution), Quick Deposit fees, virtual currency withdrawal fees, and other fees. For transactions on Lightning FX, there are also margins, swap points, and/or SFD. Transactions on Lightning Futures also has margins and/or swap points.
For more information on transactions and services, please contact us here.
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).
Japan Virtual Currency Exchange Association
Parties who wish to use the company's 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 the company's website. There are no contract cancellation fees.
When depositing JPY to be used for the company’s services, please make deposits by making a bank transfer to the account in your name at the financial institution designated by the company. When depositing virtual currency to be used for the company’s services, please transfer it to the virtual currency address designated by the company. For deposits of either JPY or virtual currency, the amount is not deposited at the point in time at which the customer has finished the transfer procedure, but rather at the point in time at which the company has confirmed and received the amount.
To confirm the status of your deposited assets or your trading history, log in and view “My Assets” or the “Trade Report.”
It is the customer’s own responsibility to set, manage, and store their login information. Please do not use the same password on other services or passwords that are easy to guess. The company requires two-factor authorization for when “sending virtual currency or using bitWire”, but we sincerely recommend also enabling two-factor authentication for “when logging in”, “registering an external virtual currency address”, and “making JPY withdrawals.” You can change your security settings from the “Settings” menu after logging in.
This document was originally written in Japanese and has been translated to English. Should there be any discrepancies, the Japanese text shall take precedence.