BitFlyer has tightened customer identification requirements after regulator’s comment
Japan’s major cryptocurrency exchange BitFlyer announced this Thursday that it will tighten customer identification procedures after it was criticized by the financial regulator..
From April 26, users who do not confirm their identity and address by receiving a letter from the exchange will not be able to withdraw cryptocurrency and fiat assets. A similar limitation will apply to services that allow you to pay for purchases using cryptocurrencies.
BitFlyer revised its rules in response to a comment from the Japan Financial Services Agency, which said the exchange was too frivolous in identifying its users..
According to the Nikkei publication, the regulator noted that the exchange allows its clients to immediately start trading after receiving a photo of the identification document from them, while full verification by this time is usually not yet carried out. Thus, the AFU is concerned that the BitFlyer platform can be used for money laundering.
The exchange, in turn, stated that it takes a responsible approach to the process of identifying clients, but reacted to the regulator’s remark.
Yesterday it became known about the tightening of requirements for the registration of platforms for trading cryptocurrencies in Japan and that the AFU imposed an administrative penalty on the Blue Dream trading platform. The company is still awaiting encouragement for its application to register as a cryptocurrency exchange, but the regulator ordered it to suspend all activities until June 10.
AFU claims Blue Dream violated investor protection requirements by offering them its own BD Coin token without explaining how its price is formed.
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