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Author Topic: [2017-03-29]Five Cryptocurrency Exchanges in Japan Throw in the Towel  (Read 49 times)
TravelMug
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March 30, 2018, 12:00:24 AM
 #1

Five Cryptocurrency Exchanges in Japan Throw in the Towel

Five Exchanges Cease Operations

Five cryptocurrency exchange operators in Japan have withdrawn their applications with the Japanese Financial Services Agency (FSA) to register their crypto exchanges, Nikkei reported on Thursday, adding that “More are expected to follow, as the FSA has given several exchanges a chance to voluntarily close before ordering them to do so.”

Tokyo Gateway and Mr. Exchange have withdrawn their applications; both were ordered by the agency on March 8 “to improve their data security and other safeguards after they were found to be lacking,” the publication noted. The two withdrawals follow three others by unregistered operators – Raimu, Bitexpress and Bit Station. The news outlet elaborated:

https://news.bitcoin.com/cryptocurrency-exchanges-in-japan-throw-in-the-towel/
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March 30, 2018, 01:18:19 AM
 #2

Is that the new cause of the dump? I do not know why the whole market would take it as bad news. It should be taken as a positive because the cryprospace will now be rid of exchanges run by unqualified amateurs.

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March 30, 2018, 05:16:35 AM
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Well the good news is, there are still 11 running with their application pending. The good thing here is that the japanese government is doing their job to improve the overall quality of exchanges by filtering out the bad ones. Im not sure how extreme their measures are but anywhere is a good place to start. I do hope they help in the improvement process though.

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March 30, 2018, 06:57:32 AM
 #4

Even in the land of technology and the place where it seemed like the first place where bitcoins and cryptocurrencies would be widely accepted, then it gets hit with this kind of law. Guess it will still be a long way before we see cryptocurrencies really become mainstream. It looks like it will be just a far away dream in this lifetime.

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March 30, 2018, 07:06:16 AM
 #5

Is that the new cause of the dump? I do not know why the whole market would take it as bad news. It should be taken as a positive because the cryprospace will now be rid of exchanges run by unqualified amateurs.

It could be the cause of the dump but unfortunately a lot of people don't even read to understand what is going on. The moment they see a downward pattern showing face, they just slide along which then escalate to a full blown crashing of prices. I saw it yesterday and was wondering how exactly did we get here again.

It could either be bad news or good news though because there are surely behind the scenes events playing on that are not open to the press. Rather than seeing it as a complete good news, I would be more concerned on the reason why an exchange that has file in an application, decide to withdraw it then choose to close down as an option. It shows that, its a difficult decision that was eventually taken and for the rest to still keep their application means they are ready to compromise further.
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March 30, 2018, 07:49:41 AM
 #6

Is that the new cause of the dump? I do not know why the whole market would take it as bad news. It should be taken as a positive because the cryprospace will now be rid of exchanges run by unqualified amateurs.

It could be the cause of the dump but unfortunately a lot of people don't even read to understand what is going on. The moment they see a downward pattern showing face, they just slide along which then escalate to a full blown crashing of prices. I saw it yesterday and was wondering how exactly did we get here again.

It could either be bad news or good news though because there are surely behind the scenes events playing on that are not open to the press. Rather than seeing it as a complete good news, I would be more concerned on the reason why an exchange that has file in an application, decide to withdraw it then choose to close down as an option. It shows that, its a difficult decision that was eventually taken and for the rest to still keep their application means they are ready to compromise further.

I agree. It may have contributed to the current dumps  that we have witnessed in the last 24 hours or so. However, it you look at the better picture. Japan is really doing it because they don't want another Mt. Gox or Coincheck incident that's why they have been tightening and closing any loopholes specially exchanges security. I'm sure that if those exchanges really wanted to join the picture of this crypto boom, they would submit everything as to what the Japanese needed for them to be fully operational. Sadly, it looks like they feel that there are too much pressure from the authorities and they just decided to throw in the towel. Good news though is that there are still a lot of exchanges in Japan that we can still used though.

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March 30, 2018, 07:59:51 AM
 #7

That’s totally positive in my opinion, exchanges who can’t improve their security and withdrawn applications because of the reason they can’t comply that simple requirements means a lot. This will give space for a much technically qualified new exchanges to emerge.

Better news for investors, but the dumping as a result of this isn’t completely relevant. Whales always use any form of news to shake the market. Negative news or not.

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March 30, 2018, 08:43:46 AM
 #8

It's great news. If you read through the lines, the exchanges having applied for registration, all couldn't meet the fierce requirements it takes for an exchange to be registered. In other words, incompetent exchanges withdrawing themselves from the registration process will not be able to mess up and make people eventually lose out big time.

I like these actions - running an exchange is not a joke. Seriously, if we look at how many utter shit exchanges we have to deal with in current time, then it's safe to say that probably 90% of them, would NEVER make it through this regisration process, and rightfully so. If you can't turn up your game and be able to provide a professional service that also provides the best possible security, you don't even deserve to function as exchange. This market needs more professionalism, and less incompetent garbage exchanges not being able to handle the pressure of running an exchange.

Hooray for Japan!

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March 30, 2018, 09:17:13 AM
 #9

Even in the land of technology and the place where it seemed like the first place where bitcoins and cryptocurrencies would be widely accepted, then it gets hit with this kind of law. Guess it will still be a long way before we see cryptocurrencies really become mainstream. It looks like it will be just a far away dream in this lifetime.

I believe as long as cryptocurrency exchanges, start-ups and investors does not accept government regulations, it will never become mainstream.  The only path to mainstream is to be accepted by governments and every country and for that government requires legalities and must be regulated. 



The news I guess is not a big deal, they had found that they are lacking in security so it is wise to withdraw the application and strengthen their security before applying again.  It will not only protect the client, it will also protect the image of cryptocurrency, since the concern about hack and hacking incident is really serious.

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