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FSA suspends operation of two crypto exchanges



Financial regulators in Japan have ordered monthly suspensions for two internal exchanges of cryptocurrencies.



08.Mar.18 5:23 AM
By Daria Zaytseva
Photo Toinnov.com

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FSA suspends operation of two crypto exchanges

The Financial Services Agency (FSA) reported on Thursday that it has issued orders to suspend business of two exchanges - FSHO and Bit Station - in effect for one month from today.

The FSA obliged seven trading platforms as a whole to improve their system security measures and submit a written improvement plan on March 22. Those four exchanges Tech Bureau, GMO Coin, Mister Exchange, Bicrements, and Coincheck, the exchange at the center of a recent $ 500 million robbery caused a continuing investigation by the agency.

The FSA had already stepped in after Coincheck reported that in January a $ 500 million NEM token had been stolen. According to the allegations of that time, the FSA found that there were no internal Coincheck systems, including inadequate measures to combat money laundering.

After the on-site inspection at Coincheck, the financial regulator also expanded its research to other domestic crypto trading platforms that have not yet been approved by the FSA for inadequate security measures, which included two that are now suspended.

FSA also established a research group on the exchange of cryptocurrencies, which is aimed at studying institutional issues related to cryptocurrency.

According to the agency, members of the research group will come from academic institutions, cryptocurrency exchanges, and government agencies as observers. According to the statements, the FSA itself will act as a secretariat.




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