Bitcoin Forum

The Agency of Financial Services of Japan suspended the work of two crypto-exchange exchanges - FSHO and Bit Station.
The regulator required the platforms to improve their internal security systems. In addition, the Agency has ordered five more stock exchanges - Tech Bureau, GMO Coin, Bicrements, Mr. Exchange and Coincheck - to provide by March 22 a plan to improve security.
Recall, in February it became known that the Financial Services Agency of Japan will check 32 local crypto-exchange exchanges for compliance with all standards relating to security systems.

These are the types of moves that I think we need to say from regulators across the whole of the world. As we saw with Binance yesterday, no exchange is safe from being targeted and strict and proper security measures not to be put in to place to protect customers funds. It's funny how I saw some news outlets reporting this negatively when really it is Japan taking steps to strengthen and improve the cryptocurrency market.

Totally agree with you. What FSA is doing is a great step for cryptocurrency interests, and it is what lots of us were claiming for a long time: regulation.

Let’s say that you have different cryptocurrency exchanges to choose. If you know that FSA is controlling to make sure that they are safe, which one are you going to use? the one that FSA is shutting down or the one that they give the approval? Continuing with that. If the cryptocurrency exchanges experience that they are losing users because public is not trusting them, then they will start to apply good practices so the public return to them.

This article explains that hipotesis in a very clear and simple way:

https://www.forbes.com/sites/adelsteinjake/2018/03/08/japan-shuts-down-two-cryptocurrency-exchanges-but-it-may-be-good-news-for-the-industry/#5dce9d67359d

This is another attack on cryptocurrency and Japan was one of the country that was dispose to cryptocurrencies and attacking it . Bitcoin has been favour by Japanese traders and  and the government of Japan has done well in their economic because of acceptability of bitcoin and blockchain technology which has helped in the growth of bitcoin and cryptocurrency and we should see this as a pure attack.

Exactly right and these current moves by Japan are not even ones that harm users in any way. They're not moves for stricter regulation in terms of KYC or AML, they are simply around security of the exchange. Once we pass through these difficult times in the next year or so of tougher regulation coming in to place the whole crypto market will be stronger and can grow off a strong and secure platform.

There is currently lot of FUD. It's all none sense though.

For example few days ago SEC (USA) said same, they want MORE security / regulation, they're not banning / shutting down anything... But crypto news websites and what not said it's end of crypto... HAHA and weak hands selling off like mad (easy money btw, thanks).

Whenever news and fuss occurs, I just think of it that those people just want to make btc drops so they will be able to buy some of it, and to be able to join the party. Everyone regrets not buying it before.

I really think that in terms of cryptocurrency and technology, even thought they just started adapting it lately, Japan is one of the fastest country to ever adopt and cope-up in terms of cryptocurrency. Everyone is aware that technology is one of Japan's specialty. And the last incident of exchange hacking that happened in their country forced them to do this steps. I really think that other countries should follow Japan and their ways of handling cryptocurrency.

What the Japanese government is doing is the right and wise move it must be done to anticipate the occurrence of something undesirable such as hacker attacks that often attack the crypto-exchange exchanges.


This action may at least affect the market price of crypto but we must believe the Japanese government will do its best to resolve all these issues and this is not a FUD.

This is a great move since it's inclined towards the betterment of services dealing with crypto and money. Thumbs up for the Japanese government on forcing these exchanges to improve security or just halt the operation. You can see that the Japs are really dedicated into getting crypto a positive thing on their country that's why their regulations are always in favor of the users and for an overall satisfying (and safe) experience for the traders and users alike.

The SEC news is a little different in its nature. It means stricter controls for people looking to buy and sell cryptocurrency which many see as being a move towards more centralization. The Japan news is not related to trading and regulation around that, it is just ensuring that the exchanges are well protected so that funds are safe.