Several Cryptocurrencies Exchanges Got Punishment Notices from Japanese Authorities

Published on: 08 Mar, 2018

Japan’s financial regulator – Financial Service Agency, issued some administrative punishment notices on Thursday on some cryptocurrencies exchanges after the $530 million theft of digital money happened in January to enhance the consumer protection.

The exchange targeted by the hackers in January is a Tokyo-based bitcoin exchange, named Coincheck. According to the report by Reuters, Financial Service Agency had confirmed that Coincheck had paid its customers back for the digital NEM coins stolen from the exchange.

FSA also issued the orders to seven cryptocurrencies exchanges including Coincheck to raise their business standards and develop the internal control systems for risks like money laundering and terrorism financing.

In addition, FSA is going to suspend two of the exchanges, Bit Station and FSHO, starting from Thursday and for one month.

Japan became the first country to regulate cryptocurrency exchanges at the nation level last year. Until now, there has been 16 exchanges registered with authorities already. FSA has investigated all of the 16 exchanges for security gaps after the Coincheck heist and asked all of them to report system risk management and cryptocurrency storage.

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Liying Pang

Email: Liying@financialinsiders.com

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