Tokyo based popular cryptocurrency exchange Bitflyer has lately determined to allow its customers to open up accounts again from July 3, just after a year the firm voluntarily closed new registrations, as per one statement.

In April 2018, Bitflyer got an Operational improvement order from Financial Services Agency (FSA), the watchdog which takes care of Crypto Exchanges in Japan. During that time, the firm was told that the watchdog has issues regarding the identification procedures which were done by the firm and there exists a high risk of money laundering as the process was not just enough.

Therefore, in order to upgrade its system, Bitflyer deliberately decided to stop new registrations which are now being opened. The firm chose to utilize this time to form new mechanisms that would help the firm to align with the local laws and to be accepted by the FSA.

“We will strive to restore customer trust by thoroughly complying with relevant laws and regulations and further strengthening our management system,” the firm said in one statement at that time. 

Moreover, all the users who have registered online could not withdraw Japanese yen or transacting with fiat cryptocurrencies until they have confirmed their Identity and address using the Postal system. When they were accepted, they must have received an email which proves that they could now withdraw their funds.

As per some of the documents, Bitflyer has until July 23, 2020, to introduce a new business improvement plan to the FSA. The firm was also asked to build a management system for risks like money laundering and terrorist financing, monitor a system to control anti-social forces, and develop a privacy and record keeping system.

Bitflyer also confirmed that the new registrations could be started very soon; however, it might take some time before they are approved as the system is being restored just now.