Bitbank (stylized as bitbank) is a Japanese centralized cryptocurrency exchange (CEX). Launched in 2016, it offers spot trading and direct cryptocurrency purchases. It's one of the biggest centralized trading platforms in Japan.
Bitbank adheres to Japanese crypto regulations and requires all users to comply with KYC policies. Corporate accounts that are registered outside of Japan may be permitted to use the Bitbank spot trading services. The platform is available on desktop and mobile devices.
The Bitbank cryptocurrency exchange's main product is the spot market. While margin trading is not available at the time of writing, its launch is expected in the foreseeable future. The platform serves individual and institutional users registered in Japan.
While corporate entities outside Japan can open accounts if they meet certain criteria, personal accounts of non-residents are not accepted. The Japanese yen (JPY) is the only fiat currency supported by the Bitbank spot market. This enables both crypto-crypto and crypto-JPY trading.
Due to national regulations, Bitbank only has 20 digital assets listed. As such, the number of Bitbank trading pairs is relatively small compared to other Asian and global crypto exchanges.
The platform provides live market data and offers more than 70 advanced technical analysis tools. The Bitbank volume and price listings are based on the general Japanese financial market data. All assets are stored in offline cold wallets to ensure high-level security.
There are no fees for opening an account on the exchange or its maintenance. The Bitbank exchange fees for trading are calculated using the maker-taker model. The default taker rate is 0.12%. Market makers are eligible for a 0.02% rebate.
Deposit on the platform is free. However, if users wish to deposit JPY, the bank may charge them a transfer fee. This charge is considered third-party and is not regulated by Bitbank. For withdrawals, the Bitbank crypto fees vary based on the selected asset.
About the Company
The Bitbank crypto exchange was founded as Bitcheck by Noriyuki Hirosue in 2014. The platform was rebranded prior to its official launch in 2017. The company headquarters are in Tokyo, Japan. It has received licensing from the Japanese Financial Services Agency (FSA) and the Kanto Local Finance Bureau.
In its early days of operation, Bitbank launched an earnings program called bitcoinGET. Users could participate in financial activities to earn points that could be redeemed. All rewarded Bitbank crypto price values were issued in bitcoin (BTC).
In 2019, it was reported that Bitbank accounted for nearly a third of the overall market share in Japan. Between December 2018 and July 2019, the Bitbank trade volume averaged at 30.2% of the domestic market as a whole.
In June 2020, two Japanese exchanges, Coincheck and Bitbank, were compromised. The hackers leaked data related to more than 300 Coincheck users. The attack on the Bitcheck cryptocurrency did not affect user data integrity; however, the hackers changed some of the data on the website.
In May 2022, it was announced that Sumitomo Mitsui Trust Holdings (SuMi) would create a trust company known as Japan Digital Asset Trust Preparatory Company (JADAT) in collaboration with the Bitbank crypto exchange. The platform would offer custodian services for digital currencies and non-fungible tokens (NFTs).
Noriyuki Hirosue is the CEO of the Bitbank cryptocurrency exchange. He previously acted as the Managing Director of GMO Internet, an Internet infrastructure company. Before beginning work on Bitbank, Hirosue founded the carsharing platform Comuca.