Notice: Security Incident at Binance
Binance has reported large-scale unauthorized outflows of crypto assets. As a precaution, bitFlyer has temporarily restricted sending crypto assets to Binance until we confirm it is safe to resume.
As of now, our systems and customer assets are not affected.
We manage customer crypto assets in offline cold wallets, segregated from bitFlyer’s own assets.
We will share updates as the situation develops.
bitFlyer USA
Regulated US spot exchange with a New York BitLicense and 0.10% entry trading fees
3.4/ 5
Our score
Fair
Maker fee
0.1%
Taker fee
0.1%
KYC required
Yes
Accepts US customers
Yes
Proof of reserves
No
What is bitFlyer USA?
bitFlyer USA is the United States subsidiary of Tokyo-based exchange operator bitFlyer Inc., delivering regulated digital asset spot trading and custody. Operating out of San Francisco, the exchange offers web and mobile interfaces alongside its bitFlyer Lightning trading terminal.
Corporate background and governance
The US entity, bitFlyer USA, Inc., launched in November 2017 to bring the Japanese parent company's trading infrastructure to North America. Headquartered in San Francisco, California, the US division operates with a team of 11 to 50 employees. Its parent company, founded in 2014 in Japan, remains registered with the Japanese Financial Services Agency (FSA), while the US subsidiary handles compliance and operations for the American market.
Trading mechanics and custody architecture
Traders interact with the platform through a basic buy-and-sell brokerage interface or bitFlyer Lightning. The Lightning terminal provides live order-book depth, advanced charting tools, an active API, and execution mechanisms including iceberg orders and trailing stops. User funds are safeguarded in centralized custodial multi-signature cold storage wallets. The exchange does not publish cryptographic proof-of-reserves attestations.
Fee structure and geographic reach
Trading on the bitFlyer Lightning order book begins at 0.10% for maker orders and 0.10% for taker orders. These entry fees step down to 0.03% as thirty-day trade volume climbs. Access is restricted to fully verified accounts completing identity verification (KYC). bitFlyer USA holds money transmitter licenses across 49 US states and Washington, D.C., with Hawaii remaining the only unsupported state.
Regulatory track record and security incidents
bitFlyer USA was granted a virtual currency BitLicense from the New York State Department of Financial Services (NYDFS) upon launch in November 2017, alongside registration as a Money Services Business with FinCEN. In May 2023, the NYDFS fined bitFlyer USA $1.2 million following an examination that revealed compliance deficiencies in its cybersecurity program under New York regulations 23 NYCRR Part 200 and Part 500.
Key risks and limitations
Because bitFlyer USA operates as a centralized custodian, depositors face counterparty risk without real-time public proof-of-reserves data. Users also face occasional service disruptions and API limits from external networks, such as temporary deposit suspensions during asset network upgrades or partner endpoint restrictions.
Best for:US traders requiring licensed exchangesActive algorithmic spot tradersNew York crypto investors
Pros and cons
Pros
- Holds a New York BitLicense and regulatory licenses in 49 states
- 0.10% entry spot fee on the Lightning book
- Lightning terminal offers advanced orders like icebergs and trailing stops
- Multi-signature cold storage for digital asset deposits
Cons
- Fined $1.2M by NYDFS in May 2023 for cybersecurity deficiencies
- No public real-time cryptographic proof of reserves
- Unavailable to residents of Hawaii
- Mandatory KYC identity verification for all accounts
Our review
3.4/5
Fair
bitFlyer USA provides regulated spot crypto trading backed by an established Japanese parent, and does not publish public proof-of-reserves attestations.
bitFlyer USA launched in November 2017 as the San Francisco-based subsidiary of Tokyo's bitFlyer Inc., which was founded in 2014. The platform serves traders across 49 U.S. states and Washington, D.C., excluding Hawaii. It operates under a BitLicense from the New York State Department of Financial Services (NYDFS) and registration as a FinCEN Money Services Business. Identity verification is required for all customer accounts.
Trading on the bitFlyer Lightning interface starts at 0.10% maker and 0.10% taker fees on base tiers, scaling down to 0.03% for high-volume accounts. The platform provides spot trading with direct order-book depth, advanced charting, and execution options such as trailing stops and iceberg orders. Supported assets include major cryptocurrencies like Bitcoin, Polkadot, Tezos, and Stellar Lumens. The platform does not offer derivatives trading to U.S. customers.
Security practices center on custodial multi-signature cold storage. The platform does not publish a real-time cryptographic proof of reserves report. In May 2023, the NYDFS fined bitFlyer USA $1.2 million for compliance deficiencies under New York cybersecurity regulations 23 NYCRR Part 200 and Part 500.
The exchange suits U.S. retail and institutional participants who focus on state-level regulatory licensing and spot Bitcoin liquidity.
Sources (1)
Specs
| Markets | Spot, OTC · unverified |
|---|---|
| Maker fee | 0.1% · unverified |
| Taker fee | 0.1% · unverified |
| KYC required ⓘ | Yes · unverified |
| Accepts US customers | Yes · unverified |
| Proof of reserves | No · unverified |
| Mobile app | Yes · unverified |
| Licenses & registrations | New York BitLicense, FinCEN MSB, US Money Transmitter Licenses (49 states) · unverified |
| Security features | 100% cold storage, Multi-signature custody, 2FA · unverified |
| Futures & perpetuals | No · unverified |
| Copy trading | No · unverified |
| P2P market | No · unverified |
Not disclosed by the provider: Coins listed, Fiat deposit methods, Staking / earn, Max leverage (x), Earn / savings products, User protection fund, Referral program.
Data from the provider's website and public sources. Fees and availability change; confirm on the official site before you sign up.
Key features
bitFlyer Lightning terminal
Provides an advanced order book interface with interactive charting, trailing stops, and iceberg execution types.
Automated trading API
Allows retail and algorithmic traders to integrate custom strategies via real-time Lightning APIs.
Multi-signature cold custody
Protects digital asset deposits using segregated multi-signature cold storage infrastructure.
Tiered volume pricing
Offers spot trading fees starting at 0.10% maker and taker, scaling down to 0.03% on higher volumes.
Broad US state licensing
Supports retail and institutional fiat on-ramping across 49 states under active money transmitter licenses.
Inside bitFlyer USA
bitFlyer Lightning
A professional spot trading terminal providing order-book depth, advanced charting, API integration, and order types including trailing stops and iceberg orders.
Custodial Wallet Services
A digital asset custody solution storing user funds in multi-signature cold storage.
What users say about bitFlyer USA
There is not enough user feedback to evaluate bitFlyer USA, as mentions are limited to referral links and passing references. Consequently, no clear strengths or complaints emerge.
Based on 5 Reddit posts and comments from the last 12 months, checked Oct 21, 2026. These are posts by users on other sites, not reviews submitted on CryptoReview.
User reviews
No user reviews yet. Have you used bitFlyer USA? Share your experience below.
FAQ
Who owns bitFlyer USA?
bitFlyer USA is the United States subsidiary of bitFlyer Inc., a cryptocurrency exchange established in Tokyo in 2014. The U.S. arm is headquartered in San Francisco and began operating in November 2017.
What trading fees does bitFlyer USA charge?
Spot trading on bitFlyer Lightning starts at an entry tier of 0.10% for maker and 0.10% for taker orders. These fees scale down to as low as 0.03% based on monthly trading volume.
Is bitFlyer USA licensed in the United States?
Yes, bitFlyer USA holds a New York BitLicense from the NYDFS and is registered as a Money Services Business with FinCEN. It holds money transmitter licenses covering 49 U.S. states and Washington, D.C., with Hawaii excluded.
Has bitFlyer USA experienced any regulatory or security incidents?
In May 2023, the New York State Department of Financial Services fined bitFlyer USA $1.2 million over deficiencies in its cybersecurity program. The exchange holds customer crypto assets in multi-signature cold storage.
Does bitFlyer USA require KYC identity verification?
Yes, bitFlyer USA requires all customers to complete KYC identity verification.
Does bitFlyer USA offer derivatives or margin trading?
No, bitFlyer USA only supports spot digital asset trading for U.S. residents and does not offer futures, perpetual contracts, or margin leverage.
Is bitFlyer safe?
bitFlyer USA has held a New York BitLicense since November 27, 2017 and is supervised by NYDFS. In a May 1, 2023 consent order, NYDFS fined it $1.2 million after 2018 and 2020 exams found gaps in its cybersecurity program, such as missing periodic risk assessments.
Has bitFlyer faced regulatory action in Japan?
Yes. On June 22, 2018, Japan's Kanto Local Finance Bureau ordered bitFlyer, Inc. to improve its business operations under the Payment Services Act after FSA inspections found it lacked an effective management structure. QUOINE, bitbank, BTCBOX and BITPoint Japan received the same type of order that day.
Latest from bitFlyer USA on X
The delay in crediting incoming Stellar Lumens (XLM) transfers was resolved at approximately 6:08 pm (PST) on Wednesday, October 21, 2026, and normal operation has been confirmed. Incoming Stellar Lumens (XLM) transfers are now being credited to accounts normally. All incoming XLM transfers that had not been credited while the issue was ongoing have also been credited. We sincerely apologize for the prolonged inconvenience.
Since approximately 7:49 AM (PST) on Monday, October 19, 2026, Stellar Lumens (XLM) received from external sources have not been credited to bitFlyer accounts as usual. This is due to access restrictions on the official Stellar API (Stellar Development Foundation), which bitFlyer uses.
We are currently working to resume crediting through alternative means.
Sending Stellar Lumens (XLM), as well as receiving and sending all other crypto assets, is not affected.
We sincerely apologize for the inconvenience this has caused.
We will announce when service has resumed on
@bitFlyer_status
We are currently working to resume crediting through alternative means.
Sending Stellar Lumens (XLM), as well as receiving and sending all other crypto assets, is not affected.
We sincerely apologize for the inconvenience this has caused.
We will announce when service has resumed on
@bitFlyer_status
We will conduct maintenance on Tuesday, October 20, 2026, from approximately 12:00 PM to 12:30 PM (PST). During the maintenance period, all services may experience multiple brief instances of connection instability lasting a few minutes each.
We will conduct maintenance on Wednesday, September 16, 2026, from approximately 12:00 PM to 12:30 PM (PST). During the maintenance period, all services may experience multiple brief instances of connection instability lasting a few minutes each.
Recent public posts from @bitFlyerUSA, shown as published. Not reviewed or endorsed by CryptoReview.
Alternatives to bitFlyer USA
Institutional liquidity and turnkey trading infrastructure supporting over 1,500 instruments
KYC requiredSpot · Margin +2Futures & perpetualsBank transfer · Card
Regulated U.S. crypto exchange with 0% spot maker fees and over 200 listed assets
KYC requiredSpot · OTCAccepts US customersProof of reserves
Non-custodial swap aggregator offering wallet-to-wallet trading across 2,800+ cryptocurrencies
No KYCSpot2,800 coins listedCard
Regulated Canadian crypto marketplace acquired by Robinhood with Interac e-Transfer funding
KYC requiredSpot · OTCStaking / earn45 coins listed
European multi-asset broker offering 650+ cryptocurrencies, stocks, and precious metals under MiCAR rules
KYC requiredSpot · MarginStaking / earn650 coins listed
European crypto exchange with 453 assets, MiCA authorization and fees from 0.00%
Spot · MarginStaking / earnMaker fee 0.2%