bitFlyer to suspend New Accounts due to Strict Regulation

3 days after the Japanese government demanded crypto exchanges to improve their infrastructures, bitFlyer has suspended the registration of new accounts
22 June 2018   678

The Japanese financial authorities required the Financial Action Task Force (FATF) to realize unified crypto regulations to oversee crypto exchanges internationally with the same standard and policies on June 16. This measure was directed on preventing the applying the anonymous cryptocurrencies.

It’s nearly impossible for Japan to handle the problem alone. Even if trade is restricted to only domestic transfers or monitoring is enhanced, it’s still not enough to counter money laundering. It would be best if all the group of 20 industrial and emerging nations and regions (G20) would take the same steps toward prevention.
Spokesperson, FSA
(Japanese Financial Services Agency)

On June 19 (Tuesday), the Japanese government demonstrated that it has demanded 5 registered and licensed crypto exchanges in the country (including bitFlyer and Quoine) to refit their internal systems, after discovering some flaws in the internal management systems of the exchanges that handle money laundering prevention and transaction monitoring.

Today, on June 22, bitFlyer ceased new account registrations and reviewed its internal management system to fix its AML and KYC processes. Local analysts have confirmed that the exchange reacted quickly to the requirement from the authorities because a previous report (published by the Mainichi Shimbun, the oldest newspaper in Japan that disclosed the Yakuza, the country’s biggest crime syndicate with over 100,000 members) declared that hundreds of millions of dollars were laundered via  major cryptocurrency exchanges.

OKEx & Kraken to List Bitcoin SV

Kraken notes that Bitcoin SV doesn't meet its usual listing requirements
19 November 2018   74

OKEx Bitcoin exchange, charged holders of Bitcoin Cash with BCHABC and BCHSV coins. Bidding for each asset is available in pairs with Tether USD, Bitcoin, Ethereum and OKB token.

Note that futures, margin trading and fiat pairs will remain unavailable for new assets. The withdrawal of coins is also closed indefinitely.

In turn, the Kraken exchange assigned the BCH ticker to the Bitcoin ABC chain, but also made a decision on the listing of Bitcoin SV (BSV).

WARNING: Bitcoin SV does NOT meet Kraken’s usual listing requirements. It should be seen as an extremely high risk investment. There are many red flags that traders should be aware of:

  • No known wallets supporting replay protection (be careful!)
  • No support in major block explorers
  • Miners apparently subsidized or operating at a loss
  • Representatives threatening and openly hostile toward other chains
  • Chain’s survival may be mutually exclusive with other chains
  • Supply is temporarily constrained because of limited wallet support
  • Some large holders have indicated they’d be dumping everything ASAP
  • Kraken has done only very minimal code review

Custodial losses taken on due to attacks originating from nChain or its affiliates will be socialized among all BSV holders on Kraken. Given the volatile state of the network and threats that have been made, Kraken cannot guarantee perfect custody of BSV.

Kraken Team

BSV trading will be available in pairs with Bitcoin, fiat USD and Euro.

Meanwhile, the BSV rate in the last 24 hours fell by almost 30%, dropping below $ 90.