Financial Services Agency (FSA) will be issuing business improvement notices to five registered cryptocurrency exchanges by the end of this week, reports Tuesday, June 19.
According to the FSA inspections, crypto exchanges Quoine, Bitbank, BITPoint Japan, and BtcBox do not have the proper internal management systems, including their measures to prevent money laundering. BitFlyer, Quoine and Bitbank are some of the largest crypto exchanges both in the country and in the world, currently sitting at 27th, 18th and 20th places by trade volume, according to .
When asked about the business improvement notices, BITPoint Japan told Cointelegraph Japan that there is “no such fact at the present time,” BitFlyer said they are “not in a position to comment,” Bitbank and Quoine said they could not answer, and BtcBox did not respond to a request for comment by press time.
Following the January$532 million of from Japanese crypto exchange , the FSA had begun of crypto exchanges, multiple business improvement notices and the operations of several exchanges as well.
Since , all crypto exchanges in Japan must be registered with an FSA license to operate. At the beginning of June, the FSA a crypto exchange license application for the first time, citing concerns that the exchange — whose services had already been suspended twice this spring — didn’t provide adequate customer identity verification in the case of suspicious transactions.
Published at Tue, 19 Jun 2018 09:49:02 +0000
bitcoin Regulation
