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Author Topic: [2018-03-08] Japanese authorities issue punishments to cryptocurrency exchanges  (Read 12 times)
CryptoGains
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March 08, 2018, 04:05:08 AM
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Japanese regulators on Thursday issued punishment notices to several cryptocurrency exchanges and forced others to halt business, in an effort to shore up consumer protection after the $530 million theft of digital money from Tokyo-based bitcoin exchange Coincheck.

A senior official at the Financial Services Agency told reporters at a briefing on Thursday it had confirmed Coincheck had funding to reimburse its customers for digital NEM coins stolen from its exchange. It said the company would announce details of its reimbursement plan later in the day.

The regulator issued business improvement orders to Coincheck and six other exchanges, saying the seven exchanges lacked the proper and required internal control systems.

It ordered the suspension of operations at two of them, Bit Station and FSHO, for one month starting Thursday.

FSA said a senior employee at Bit Station was found to have used customers' bitcoin for the person's own purposes. The agency said the exchange, which has been allowed to operate on a provisional basis, dropped its application to become an authorised exchange.

The FSA said Coincheck lacked a proper internal control system for risks such as money laundering and terrorism financing.

https://www.cnbc.com/2018/03/07/japanese-authorities-issue-punishments-to-several-cryptocurrency-exchanges.html

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Kemarit
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March 08, 2018, 07:17:22 AM
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Another good moved from the Japanese regulators. They just want to ensure that everything is in proper order so I don't think that this should be labeled as "Punishments". And see, Coincheck has the funds, no need to worry here, they are willing to reimburse everything and might be ironing few things before releasing a formal statement. This what Japanese differ from other countries like China. They don't think that crypto is bad and even if their is a hack, they step in, and instead of a ban, they work it out with the exchanges and see how they can improved their services and protection of users. This is how it should be done. Thumbs up again to Japan.

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March 08, 2018, 06:33:34 PM
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The authorities of Japan thoroughly approached the control of crypto-instruments. Trading platforms FSHO and Bit Station are closed for 30 days to eliminate security breaches. Another 5 exchanges, including Coincheck, are due by March 22 to provide a plan to improve protection from cyberattacks

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