BitFlyer to Toughen Users Verification Rules

From 26.04, users registering online will not be able to send crypto assets or withdraw Japanese yen until their identity and address have been confirmed 
12 April 2018   231

The large Japanese cryptocurrency exchange bitFlyer announced that it will review the verification process of users against the backdrop of criticism from the Financial Services Agency, reports CoinDesk.

As stated in the announcement, starting from April 26, users who have passed online registration will no longer be able to perform transactions with cryptocurrency assets and withdraw Japanese yens until their identity and address are confirmed through receipt of a letter from the exchange. Similarly, the opportunity to pay for goods by bitcoins via bitFlyer will be suspended.

As the newspaper notes, a statement on tightening the verification rules was followed by the publication of the Japanese news agency Nikkei.

So, according to representatives of FSA, the exchange allows customers to start trading immediately after receiving a scanned copy of their identity card. It is noted that the platform at this stage can not fully confirm the information received. This fact aroused fears of the FSA that bitFlyer could be used as a site for money laundering.

Despite the fact that the exchange denies weak compliance with the KYC rules, bitFlyer intends to cooperate with the FSA to strengthen existing measures to prevent money laundering, representatives of the platform said.

2 Japanese Exchange Execs Left JVCEA After FSA Actions

As reported, two vps of the Japan Virtual Currency Exchange Association have left the organization
26 June 2018   177

The CEO of the Japanese currency exchange bitFlyer, Yuzo Kano, and the Bitbank CEO, Noriyuki Hiroyuki, left the posts of the chairmen of the Japan Virtual Currency Exchange Association (JVCEA). This is reported by ETHNews.

According to the Association's official website, earlier both exchanges received instructions from the Financial Services Agency (FSA) on improving anti-money laundering practices.

[Organization] will continue to do [its] utmost to protect the interests of users and to promote the sound development of the virtual currency exchange industry, including the early establishment of voluntary regulation rules.
 

Japan Virtual Currency Exchange Association

It is noted that despite the resignation of Kano and Hiroyuki, both exchanges remain members of the Association.

The names of the contenders for the posts of the new JVCEA chairmen are not yet named.

Earlier in June, the Japanese currency exchange bitFlyer temporarily suspended registration of new users because of FSA requirements on mandatory verification of customers.