Major Japanese crypto exchanges to be ordered to improve anti-money laundering measures
Several Japanese cryptocurrency exchanges will be ordered by the local financial regulator to improve certain aspects of their activities. The order is related to the non-compliance of the practices used by these exchanges with the requirements for combating money laundering, writes Nikkei.
All 5 sites that came to the attention of the Financial Services Agency (FSA) are officially registered and operate as operators of trading platforms. They turned out to be bitFlyer, Quoine, Bitbank, BitPoint Japan and BtcBox.
The FSA found weaknesses in the internal governance systems of these exchanges, including violations of procedures for identifying suspicious transactions that could be used for money laundering. The violations were discovered during the FSA investigation, and the corresponding orders will be issued by the end of the week, the publication said..
The FSA tightened control over the local market after Coincheck lost about $ 500 million in cryptocurrency in January in a hacker attack. The regulator carried out spot checks on both registered and unregistered trading floors. Soon thereafter, the FSA had a lot of “reasonable” doubts about the security standards that cryptocurrency exchanges adhere to..
In March, the department suspended the activities of two cryptocurrency exchanges and ordered changes to the work of five more, including Coincheck. Later, 16 registered and licensed cryptocurrency exchange operators formed a self-regulatory body. It is expected to present a new set of recommendations for the local market next week.
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