Nikon v1 bulb mode more than 2 minutes?

Hi all I've recently gotten myself a Nikon v1, and I've noticed in bulb mode it'll only keep the shutter open for two minutes. If I got myself the ml-L3 remote would that allow me to keep it open longer or is that just an annoying flaw on the v1?

It's not a flaw. All digital cameras have a limit on long exposure times. The image sensor can overheat and become damaged if it's open too long.

Digital sensors can't cope with lengthy exposures. If you really want to do 2 minute+ exposures get a cheap manual film camera with a B setting on the shutter and a locking shutter release cable. Then you are only limited by your patience and the available light. Some exposures for well known shots are measured in hours.