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Author Topic: [2018-04-13] Nine Japanese Crypto Exchanges Have Suspended Operations So Far  (Read 23 times)
limek
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April 13, 2018, 12:34:43 PM
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A total of nine cryptocurrency exchanges in Japan have suspended their operations so far. This includes the latest two, one of which was sanctioned by the Japanese financial regulator on Wednesday while the other voluntarily withdrew its license application.

Blue Dream Japan

The Japanese Financial Services Agency (FSA) issued a business improvement and suspension order to Blue Dream Japan Co. Ltd on Wednesday after an on-site inspection was carried out. The company must halt all activities related to its crypto exchange business from April 11 to June 10.

Following the FSA’s order, Blue Dream Japan issued a statement, “We will solemnly accept the business suspension order and business improvement order,” adding that they “promise to seriously respond, [and] we will do our utmost to resume our service.” Furthermore, the company wrote:

        "We hope to continue [our] virtual currency exchange business in the future after conducting thorough compliance with laws and regulations and improving the management system so that we can provide services that users can use with confidence."

Read more: https://news.bitcoin.com/nine-japanese-crypto-exchanges-have-suspended-operations-so-far/

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April 13, 2018, 01:04:39 PM
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Now Japan does not seem to me a Paradise for cryptocurrency lovers. It is a closed society that does not allow new members. We have long hoped for salvation from persecution on the Japanese Islands. But it is not. Our fate is in our hands only and no one will help us. We must unite ourselves and build our own society.
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April 13, 2018, 02:02:27 PM
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Now Japan does not seem to me a Paradise for cryptocurrency lovers. It is a closed society that does not allow new members. We have long hoped for salvation from persecution on the Japanese Islands. But it is not. Our fate is in our hands only and no one will help us. We must unite ourselves and build our own society.
we already have our own society mate,and this is it the Bicointalk.org what we need is to become a single word,to become standing as one,with unity if we can do this then nothing can stop us..we dont need paradise what we need is a Home with family,and we are family here this crypto is our home..they persecute us because of the large amount of money circulating here,they all wanted to have a piece of cake from us

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April 13, 2018, 02:30:37 PM
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Now Japan does not seem to me a Paradise for cryptocurrency lovers. It is a closed society that does not allow new members. We have long hoped for salvation from persecution on the Japanese Islands. But it is not. Our fate is in our hands only and no one will help us. We must unite ourselves and build our own society.

That's certainly one interpretation, but I'd argue that, despite being heavy handed, what Japan is doing is ultimately good for cryptocurrency in the long run.  The expression goes that "a chain is only as strong as its weakest link".  For too long, exchanges have been the weakest link in that chain.  Whether it's deposit and withdrawal delays, no replies to support tickets, dubious volume reporting, or worst of all hacks, thefts and generally poor security.  If they want to be the custodian of their customers' funds, they have to be fit for the job.  Japanese regulators are just making sure they've taken all reasonable precautions to protect their users' money.  Exchanges that don't measure up get shut down.  It's not a question of blocking all new exchanges, I just don't see why we'd want to encourage more sloppy or careless exchanges when we've had quite enough of those already.

Cryptocurrency lovers should understand that a transaction between one sender and one recipient is already secure enough, because that's protected by cryptographic functions and the security of the network hashrate.  But leaving your money in the care of strangers on the internet has entirely different security considerations, so the regulators are compelled to take action on exchanges because of this.


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April 13, 2018, 02:56:50 PM
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Now Japan does not seem to me a Paradise for cryptocurrency lovers. It is a closed society that does not allow new members. We have long hoped for salvation from persecution on the Japanese Islands. But it is not. Our fate is in our hands only and no one will help us. We must unite ourselves and build our own society.

It depends. If the exchange behaves properly and secure user funds, then it will be allowed to operate.
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