bitFlyer Implements Anti-Fraud Hold on Crypto Withdrawals for Recently Verified Customers
Japanese cryptocurrency exchange bitFlyer is deploying a new anti-fraud measure starting October 15 that imposes a 48-hour cooldown on external cryptocurrency transfers for users who completed identity verification within the previous 90 days following Japanese yen deposits. The restriction applies only to amounts equivalent to deposits exceeding JPY 100,000, while deposits through bitFlyer's Quick Deposit service remain subject to the existing seven-day restriction instead. The policy does not affect trading, deposits, withdrawals, or asset holding during the cooldown period.
bitFlyer's new safeguard represents a targeted approach to account takeover fraud. The exchange has structured the measure to affect only transfers exceeding a specific deposit threshold, meaning small transactions pass through without delay. This tiered approach balances security concerns with user convenience, as customers can still trade, deposit additional funds, and receive incoming cryptocurrencies during the waiting period.
The policy creates a distinction between deposit methods, with Quick Deposit retaining its lengthier seven-day hold rather than adopting the new 48-hour window. This separation suggests the exchange views different onboarding pathways as presenting different risk profiles, particularly for users within their first three months on the platform.
The implementation could reduce account compromise losses for newly onboarded users, a demographic often targeted in credential-stuffing attacks. However, the restriction may inconvenience legitimate customers seeking rapid asset movement during volatile market conditions. The measure may also influence user behavior regarding deposit timing and exchange selection, potentially affecting bitFlyer's competitive positioning relative to platforms with fewer restrictions on recent account holders.