Business

Gerald Fenech

6 crypto exchanges comply with Japan regulator’s business improvement order

Japan is home to 16 government-approved cryptocurrency exchanges, six of which have recently submitted their business improvement plans to the country’s top financial regulator, the Financial Services Agency (FSA). Last June 22, the FSA issued business improvement orders to BITPoint Japan, Bitbank, Bitflyer, BtcBox, Tech Bureau and Quoine. These six companies have confirmed that they have submitted a written improvement plan to the agency last July 23.

BITpoint and Tech Bureau were ordered to improve in six areas; Quoine was ordered to improve in seven areas; Bitbank was ordered to improve in eight areas; BtcBox was ordered to improve in nine areas; and Bitflyer was ordered to improve in ten areas. The FSA also ordered other improvement items, such as a legal compliance system, a risk management system for money laundering and terrorist financing, a separate control system for user property, a control system for user protection measures, and a risk management system “in accordance with the new handling or the like of the virtual currency.”

Following the FSA order, BITPoint launched on June 29 a new trading tool called Bitcoin Advance. The trading tool was “designed to quickly deal with price information such as charts and board information…on one screen, without changing the screen,” and the tool supports “both in-kind trading and leveraged transactions.” Earlier this month, BITPoint upgraded its crypto payment system for merchants called Bitpointpay, which supports Bitcoin Cash (BCH), along with BTC and ETH. Bitbank also indicated that they will “continue to review the management strategy and others.”

Bitflyer, Japan’s largest crypto exchange by trading volume, has issued a notice on Monday stating that it “strictly observes the relevant laws and regulations and further strengthens the management system throughout the company.” The exchange stopped accepting new customers immediately after receiving FSA’s improvement order last June.

“We will make every effort to prevent recurrence and restore customer’s trust,” according to Bitflyer.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.

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