160 Exchanges to Want to Enter Japan

Documents regarding this was published by the Financial Services Agency of Japan after the meeting
17 September 2018   357

The Financial Services Agency of Japan (FSA) published several documents with the meeting of the group on the study of cryptocurrencies held last week, during which industry regulation was discussed, including the registration of cryptoexchanges. This is reported by Bitcoin.com.

The agency confirmed that only three companies - Coincheck, Lastroots and Everybody's Bitcoin - successfully passed the recent inspections from 16 companies that, for the period of consideration of their applications, were authorized to operate as crypto exchanges. At the moment, their applications are under consideration, while with regard to Coincheck, the agency separately examines the measures that the cryptoexchange has taken to improve work after the hacking earlier this year. FSA also plans to conduct periodic on-site inspections of these exchanges.

Of these 16 companies, one was denied the launch of the exchange, while the other 12 withdrew their applications. At the same time, the ministry said, about 160 companies expressed their intention to register as a cryptocurrency exchange.

Such a high interest in the cryptocurrency business forced the regulator to begin to study the possibility of expanding the staff to speed up the process of consideration of applications. At the moment, the department employs 30 people responsible for monitoring exchanges and traders, monitoring unregistered operators and reviewing applications for registration. The FSA plans to expand the staff, using for this purpose 12 more people in 2019.

In addition, the at the meeting the rules of self-regulation established by the Association of Virtual Currency Exchanges were discussed. At present, this association includes 16 exchanges whose activities are approved by the Japanese authorities: Money Partners, Quoine, Bitflyer, Bitbank, SBI Virtual Currency, GMO Coin, Bittrade, Btcbox, Bitpoint Japan, DMM Bitcoin, Bitarg Exchange Tokyo, Bitgate, Bitocean, Fisco Virtual Currency, Tech Bureau and Xtheta.

The Japan Virtual Currency Exchanges Association was formed in March this year, having received the official registration of the FSA in April.

Binance to Partner with Chainalysis for AML

Use of Chainalysis KYT solution will allow to compile with KYC- and AML-norms and also simplify the process of opening bank accounts
18 October 2018   96

The largest exchange by daily trading volume Binance uses software from Chainalysis, called Chainalysis KYT [know your transaction], to monitor real-time transactions and identify transfers related to criminal activity. This is stated in a joint press release.

Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.
 

Jonathan Levin

Co-Founder and COO, Chainalysis

Thus, the use of software from Chainalysis not only guarantee compliance with the KYC- and AML-norms, but also simplify the process of opening bank accounts.

By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.
 

Wei Zhou

CFO, Binance

Chainalysis KYT release was held in April.