Overview
Zaif launched in 2014 as one of Japan’s first licensed exchanges. It evolved into a multi-tool platform with spot and margin trading, JPY support, a native token, NFT marketplace, and staking programs. Despite its regulated clout, Zaif’s reputation took a heavy hit after a serious security breach.
What it offered in its prime
- A clean on-ramp for Japanese users with BTC-JPY and other yen pairs.
- Margin trading, capped at roughly 7.7x leverage, with both fast-trade and order-book modes.
- Spot fees at attractive levels: 0% maker, ~0.1% taker.
- Zaif Token for fee discounts, Coin Reserve earning system, referral programs, and a crypto-backed Visa card.
- NFT marketplace with JPY pay-in and staking via Zaif Coin Reserve for passive income.
Liquidity and reach
Zaif maintained modest activity - around $1.5 million in daily volume, focused on JPY-based pairs. Its range of supported tokens was tight, around 10–20 assets, tailored to Japanese demand.
The 2018 hack and fallout
In 2018, Zaif was hacked for some ¥7 billion (~$60 million). Regulators imposed a business improvement order, citing internal oversight gaps. Fisco, a financial firm, eventually took over operations in a regulated rescue, restoring service by early 2019. Still, the 2019 closure of its original operator and the full refund process left many users uneasy.
Security and trust today
Zaif still uses 2FA, SSL, and cold storage, and remains regulated by the FSA. Yet, its trust score is mixed - some analysts rate it around 3.5/10 due to past failures and lack of resilience. User sentiment is split - some praise convenience and yen support, others point to slow withdrawals and support delays.
Strengths
- Legit JFSA regulation gives it more stature than many, especially in Japan.
- Low spot fees and leveraged options for both casual and active traders.
- JPY support, NFT access, and token utility in one ecosystem.
Weaknesses
- Legacy of a significant hack that compromised user trust.
- Narrow asset and feature range - primarily yen-focused.
- Visibility and liquidity pale compared to global exchanges.
Who Zaif suits
It may still work for local Japanese users needing JPY access and regulatory safety, and traders comfortable with margin and yen-paired tokens.
It’s less ideal for those seeking global crypto breadth, or users needing fast, reliable support and modern features.
Final take
Zaif is a veteran platform with real regulatory heritage and yen roots. It can serve niche local needs, but its historic hack and limited evolution keep it from being a go-to. Safe and legal in form - just not always in feel.