bitFlyer Introduces 48-Hour Cool-Down for External Crypto Transfers After Yen Deposits

Japan's largest cryptocurrency exchange, bitFlyer, is introducing a new 'cool-down' measure to prevent fraud losses and illicit fund transfers. Starting October 15, individual users who completed identity verification less than 90 days ago will face restrictions on external transfers of crypto assets for 48 hours after Japanese yen deposits.

Under the system, eligible users will be unable to send crypto assets equivalent to the total deposit amount (excluding fees) minus ¥100,000 ($630) to external addresses during this period. If the total deposit is ¥100,000 or less, no restriction applies.

bitFlyer President Yuzo Kano noted that there have been reports of suspicious phone calls impersonating the company, and users are advised not to respond to claims of unauthorized access or share login information without verifying through official contact channels.