BitFlyer has been identified as a risky opportunity by Intelligence Commissioner users. It is similar to Amadeus Markets. We’ve received over 4 complaints against BitFlyer.
BitFlyer has been causing concerns as users express dissatisfaction and regulatory issues arise. Despite being a well-known Japanese cryptocurrency exchange, it encountered difficulties with the Japanese Financial Services Agency (JFSA) and received a hefty $1.2 million fine from the New York State Department of Financial Services. Traders have been facing some challenges, so it is important to exercise caution. There are concerns due to the lack of popular payment options and low trustpilot ratings. BitFlyer, being unregulated, lacks accountability and presents potential financial risks. Explore different options and, if you encounter any problems, seek help from experts in the field.
Get Your Money Back From These Scammers!
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Key Takeaways
Is BitFlyer Regulated? Do They Have a License?
The lack of regulation or the presence of poor regulation is a huge red flag. It means BitFlyer is a scam and most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of BitFlyer, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
BitFlyer is a renowned cryptocurrency exchange specializing mostly in Bitcoin transactions. Established in Japan in 2014, this platform caters to novice and proficient Bitcoin traders. It provides a financially efficient trading experience with minimal expenses for each transaction.
BitFlyer has extended its operations to Europe and the United States, in addition to its presence in Japan. Although the exchange has implemented robust security protocols and adheres to regulatory standards, it has garnered a range of feedback from traders, with some expressing dissatisfaction.
Additionally, there have been reports of regulatory problems. Thus, based on the evaluations of traders, BitFlyer lacks reliability. The JFSA encountered problems with the exchange as well.
BitFlyer Inc. is a cryptocurrency exchange that is officially recognized and regulated by the Japanese Financial Services Agency (JFSA), a highly reputable Tier 1 financial industry regulator. Nevertheless, in 2018, the company had difficulties with the Japanese regulatory authority due to non-compliance with legislation.
The JFSA determined that BitFlyer has inadequate protocols in place for know-your-customer (KYC) and anti-money laundering (AML) measures, enabling users to conduct cryptocurrency transactions without undergoing previous verification of their documents and information. Consequently, the JFSA intervened and strongly advised BitFlyer to adopt these measures.
BitFlyer faced further obstacles when it entered the markets of the United States and Europe. In May 2023, an article stated that the New York State Department of Financial Services (NYSDFS) required BitFlyer USA to pay a fine of $1.2 million for failing to adhere to government cybersecurity laws.
It is crucial to highlight that scammers have made efforts to trick unaware traders by taking advantage of the name of BitFlyer EU. Consequently, the Luxembourg CSSF has issued a cautionary notice on the engagement with cryptocurrency services such as BitFlyer and Coinmama. Exercising prudence is crucial while engaging with such venues.
As to the information provided by godaddy.com/whois, the domain registration for Bitflyer.com took place on May 29, 2013, which was one year before the official start of the company. Bitflyer primarily caters to traders in the United States, Japan, Brazil, Nigeria, and India.
It is noteworthy that certain traders have expressed discontent with the platform’s functionality and the regulations they must adhere to. Furthermore, BitFlyer has faced sanctions from the NYSDFS for breaking financial regulations, hence it is important to be cautious when dealing with this exchange.
Trading Conditions and Deposit/Withdrawal Methods at BitFlyer
The exchange has a versatile fee arrangement. There are no predetermined initial costs for purchasing and selling on the regular platform. Nevertheless, consumers are liable to incur spread pricing fees, which can vary from 0.10% to 6.0%.
In contrast, the Lightning platform provides cost-effective charges, commencing at 0.10% for monthly trading volumes up to 50,000 USD. Moreover, there is a possibility of further reductions to 0.03% for traders engaging in high-volume transactions.
ACH transfers & wire deposits incur no charges for deposit and withdrawal fees. Nevertheless, BitFlyer enforces a $20 charge for wire withdrawals. It is crucial to acknowledge that the BitFlyer incentive is presently not accessible.
BitFlyer provides traders with two payment options to put funds into their accounts or withdraw their earnings: wire transfers and ACH transfers. Nevertheless, BitFlyer lacks compatibility for credit/debit cards and electronic payment methods like e-wallets, thus restricting convenience and transaction flexibility for its consumers.
Although wire transfers and ACH transfers serve diverse interests among traders, the lack of widely adopted payment methods may be considered a drawback, especially for individuals who prioritize the efficiency and ease of electronic payment systems.
Furthermore, the minimum investment requirement is exceptionally cheap, amounting to only 1 USD. Nevertheless, prospective users must thoroughly evaluate their preferred payment methods and assess the compromises linked to BitFlyer’s restricted alternatives. The selection of the payment method ultimately has a substantial influence on the user’s experience and convenience when utilizing the platform.
However, it’s worth noting that many scammers disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, the scammers actually stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
If you want to get your money back from a scammer, you’d need to file a chargeback.
BitFlyer Customer Service: Do They Handle Complaints Well?
When it comes to scammers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, scammers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Scammers understand that in order to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, the customer support won’t resolve your issues and become increasingly unavailable.
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BitFlyer Reviews: What Do Others Say?
BitFlyer’s performance on trustpilot.com was below average, with an average score of 2 (bad) based on 19 evaluations. This suggests that users had an unsatisfactory experience. The response indicates discontent, namely among consumers from America and Europe.
Additionally, a Reddit post has surfaced, bringing attention to issues regarding the exchange’s involvement in dubious operations and impeding clients from withdrawing their assets.
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Scammers like BitFlyer tend to purchase fake reviews for their online profiles to make themselves seem more credible.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust BitFlyer reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews that are posted by temporary accounts (profiles which only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of BitFlyer, chances are, you wouldn’t find many legitimate reviews.
Another prominent way scammers like BitFlyer enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “BitFlyer reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising BitFlyer.
You should always look out for consumer complaints. In the case of BitFlyer, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees and charges
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about BitFlyer? You can share your complaint in the comment section or submit an anonymous tip.
Is BitFlyer Legit Or Scam?
BitFlyer is a Japanese cryptocurrency exchange that operates in Europe and America as well. Despite being under the regulation of the JFSA, the exchange has had legal complications and traders have raised numerous difficulties regarding its functionality.
Given the difficulties encountered by BitFlyer and the existence of other more dependable and credible exchangers, it is recommended to investigate choices. If anyone encounters challenges in retrieving their assets from BitFlyer, it is advisable to consider seeking assistance from a specialist.
BitFlyer is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind BitFlyer can run away with your money without any prior notice. You should be extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust BitFlyer?
All the evidence suggests that BitFlyer is a scam. If you have lost money to them, there is still a chance you can get it back.
To recover your funds, you’d need to file a chargeback.
Frequently Asked Questions
Is BitFlyer a scam?
Can I withdraw money from BitFlyer?
Where is BitFlyer Located?
How do I get my money back from BitFlyer?
How The BitFlyer Online Scam Works
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