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bitFlyer (株式会社ビットフライヤー / bitFlyer Holdings)

Confidence: Likely Updated 2026-05-26 Review by 2026-11-15 Sources 4 Machine-translated Original (JA)
#JapanFG#crypto
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This entry sits under payment-firms INDEX. Read it against Monex Group for peer / contrast context and banking index for the broader system / regulatory boundary.

TL;DR

One of the largest domestic crypto-asset exchanges. Founded by Yuzo Kano in 2014-01-09, it obtained the 2017-09 Director-General of the Kanto Local Finance Bureau 第 00003 号 registration shortly after the amended Payment Services Act took effect (one of the first cohort of 11 社). In Bitcoin spot trading volume it is among the domestic top tier (in some years vying for first place with bitbank coincheck). It became a holding company in 2019 (establishing bitFlyer Holdings), with subsidiaries deployed in the US / EU (Luxembourg). The group’s own private chain “miyabi” is operated by bitFlyer Blockchain. In parallel with 2024-2025 reports of IPO consideration, a founder’s return / control struggle surfaced. A JVCEA Type 1 operator.

1. Company overview

Legal name: 株式会社ビットフライヤーホールディングス (holding) / 株式会社ビットフライヤー (exchange operation) English name: bitFlyer Holdings, Inc. / bitFlyer, Inc. Established: 2014-01-09 (株式会社ビットフライヤー) Holding-company conversion: 2019 (establishment of bitFlyer Holdings) Headquarters: Minato-ku, Tokyo Founder: Yuzo Kano (元 Goldman Sachs Securities) Unlisted: 2024-2025 public reports of IPO consideration (specific timeline undetermined)

Group structure (based on public information)

bitFlyer Holdings, Inc.（持株、未上場）
  ├── 株式会社ビットフライヤー（bitFlyer, Inc.）── 国内取引所
  │     └── 関東財務局長 第 00003 号 暗号資産交換業者
  ├── bitFlyer USA, Inc.（米国子会社）── licensed money transmitter（複数州 MTL）
  ├── bitFlyer EUROPE S.A.（ルクセンブルク）── EU 拠点
  │     └── 仏 AMF PSAN 登録（2022）
  └── 株式会社 bitFlyer Blockchain（B2B ブロックチェーン事業）
        └── miyabi（独自プライベートブロックチェーン）

Main shareholders / fundraising (public information)

  • Across Series A–C (2015〜2017), major domestic VCs and operating companies invested, including Mitsubishi UFJ Capital / SBI Investment / Recruit / Mitsui Sumitomo Insurance / Dai-ichi Life / Mizuho Capital / Dentsu / GMO Venture Partners / telecom-affiliated VCs
  • Cumulative amount raised: on a disclosed basis, over about 130 億円 (a Series C report of over 30 億 as of 2016 , including subsequent additional raises)
  • Controlled by the founder / management + domestic strategic shareholders
  • Because it is unlisted, the precise shareholding composition is undisclosed; in the 2024-2025 control-struggle reports, the confrontational structure between the founder and the current management surfaced

2. History / key timeline

Year/monthEvent
2014-01-09株式会社ビットフライヤー established (founded by Yuzo Kano)
2014-04bitFlyer exchange service launched
2014-09〜2017Series A–C fundraising
2014-12Domestic share expanded rapidly during the industry reorganization period after the Mt.Gox collapse
2017-04Amended Payment Services Act enforced (introduction of a registration system for crypto-asset exchange business)
2017-09Obtained Director-General of the Kanto Local Finance Bureau 第 00003 号 (one of the first cohort of 11 社; by registration-number order, among the most senior in the industry)
2017-11bitFlyer USA started operations (US subsidiary)
2018-01bitFlyer EUROPE started operations (Luxembourg EU base)
2018-06FSA business improvement order (the industry-wide inspection after the [[exchanges/jp-exchange-coincheck
2018-06〜New-account opening temporarily suspended → KYC / AML system rebuilt
2018-10Certified by JVCEA (Japan Virtual and Crypto assets Exchange Association), a certified payment-services-operator association
2018-07New-account opening resumed
2019Holding-company conversion (establishment of bitFlyer Holdings, group reorganization)
2019-04Yuzo Kano stepped down as CEO, successor Yoshio Hirako took office as CEO (based on reports)
2020〜[[systems/bitflyer-blockchain
2022bitFlyer EUROPE obtained French AMF PSAN (crypto-asset service provider) registration
2024IPO consideration reports (TSE Growth listing assumed, multiple media)
2024〜2025Reports of a control struggle between the founder and current management (observations of Yuzo Kano’s return / shareholder-meeting confrontation)

3. Business segment map

SegmentMain operatorCharacteristics
Domestic exchangebitFlyer, Inc.Centered on BTC spot, Lightning order-book trading / futures (CFD)
The AmericasbitFlyer USA, Inc.Holds MTL (money transmitter license) in multiple US states
EUbitFlyer EUROPE S.A.Luxembourg base, French AMF PSAN registration (2022), MiCA compliance
B2B blockchain[[systems/bitflyer-blockchainbitFlyer Blockchain]]
DerivativesbitFlyer LightningDomestic BTC futures / FX (Lightning FX)
Staking / adjacent(limited)Derivative products such as ETH are deployed cautiously compared to peers

Core strategy

  • “A global exchange originating in Japan”: one of the most senior in the country + multi-base deployment via US / EU subsidiaries
  • BTC spot concentration: unlike the altcoin-profusion type (coincheck, etc.), it aims for a No.1 position in BTC trading volume / liquidity
  • Emphasis on compliance / governance: after the 2018 business improvement order, it strengthened its KYC / AML system; a JVCEA Type 1 operator
  • IPO preparation (2024〜): reports assuming a TSE Growth listing, one of the first major IPO candidates in the crypto-asset industry

Competitive relationships

CompetitorRelationship
[[exchanges/jp-exchange-bitbankbitbank]]
[[exchanges/jp-exchange-coincheckcoincheck]]
gmo-coinGMO Internet-affiliated, strong in derivatives
[[exchanges/jp-exchange-sbi-vc-tradesbi-vc-trade]]
[[exchanges/jp-exchange-rakuten-walletrakuten-wallet]]
Binance Japan / OKJ and other overseas-affiliatedIntensifying competition with 2023〜2024 overseas exchanges’ domestic incorporation

International expansion

  • US (bitFlyer USA): obtained MTL in multiple states, a standalone entry without a Japanese-bank-affiliated / major-financial-group backing
  • EU (bitFlyer EUROPE / Luxembourg): opened 2018 , 2022 French PSAN, compliance with MiCA full application (enforced 2024 )
  • Asia / China: no official deployment

B2B blockchain

  • bitFlyer Blockchain provides miyabi
  • Its own private chain touting BFT-type consensus / high TPS
  • B2B projects for financial institutions / local governments / NFTs (advertising exposure is limited)

5. Regulation / policy

  • Domestic supervisory authority: FSA / Kanto Local Finance Bureau
  • Crypto-asset exchange business registration: Director-General of the Kanto Local Finance Bureau 第 00003 号 (first cohort, 2017-09)
  • Self-regulation: JVCEA (Japan Virtual and Crypto assets Exchange Association) Type 1 (Type I) member
  • US regulation: FinCEN MSB + multiple-state MTL (NYDFS BitLicense not obtained)
  • EU regulation: French AMF PSAN (2022), MiCA full application (2024-12〜)
  • Business-improvement-order history: 2018-06 (industry-wide inspection after the NEM outflow, internal-control deficiencies)

Industry position

  • JVCEA Type 1 (Type I) = crypto-asset exchange business (spot / derivatives)
  • Actively involved in formulating industry self-regulation (a major 4 社 alongside bitbank coincheck gmo-coin)

Sources

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