What is Zaif?
Zaif, a Japan-based cryptocurrency exchange, stands as one of the pioneering centralized platforms in the crypto space. Established in 2014, it gained distinction by becoming the first licensed cryptocurrency exchange approved by the Japanese Financial Services Agency (JFSA).
Founders and Management:
Takao Asayama, the CEO of Tech Bureau, laid the foundation for Zaif. The exchange was operated by Tech Bureau until it was acquired by FISCO Digital Asset Group Co. Ltd. in late 2018. Ryuji Yagi led the platform at the time of publication, alongside other key members in the management team such as Toshiya Kotake, Norifumi Imai, Takayoshi Abe, Kenji Yamaguchi, and Osamu Fukami.
Launch Date:
Zaif officially launched on June 16, 2014, making its mark in the cryptocurrency exchange landscape.
Location:
Headquartered in the bustling capital city of Tokyo, Japan, Zaif operates within the heart of the country's financial hub.
Security Measures:
Zaif is recognized for its commitment to security within the crypto industry. Employing state-of-the-art SSL encryption protocols, funds are stored in offline cold storage accounts. The exchange prioritizes user protection through a multi-signature withdrawal process and robust two-factor authentication techniques.
Incident and Recovery:
In a setback, Zaif experienced a significant security breach on September 14, 2018, resulting in the theft of approximately $60 million worth of cryptocurrency from its hot wallets. Following this incident, the exchange temporarily suspended operations and entered into a bailout agreement with FISCO, which injected 5 billion yen ($44.675 million) in financial support. Ultimately, FISCO Digital Asset Group Co. Ltd. acquired Zaif in November 2018.
Supported Coins and Markets:
Zaif offers a curated selection of digital assets, with ten coins available for trading across 14 markets. The BTC/JPY trading pair emerges as the most active on the platform.
Fees Structure:
Zaif boasts competitive fees in the cryptocurrency exchange market, charging 0.10% for takers, while makers enjoy fee-free spot trading.
Leverage and Margin Trading:
Users on Zaif have the option to engage in margin trading with leverage, reaching up to 7.7x on the exchange platform.
Global Accessibility:
While Zaif is available in over 190 countries, it's important to note that US investors are not permitted to use the platform.
KYC Requirements:
To ensure compliance and security, Zaif enforces a standard registration process involving email verification. Following registration, users undergo a thorough verification process and set up two-factor authentication (2FA). The ID verification process collects various user information.
Payment Methods:
Zaif supports fiat deposits exclusively in Japanese Yen, enabling users to fund their accounts for the purchase of cryptocurrencies such as Bitcoin or Ethereum.
