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   379

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.

Gemini & Partners to Launch Virtual Commodity Association

Association is created to develop standards for the industry, promote transparency in the market and cooperate with regulators, including the CFTC
20 August 2018   313

Several major exchanges decided to create a new structure designed to eradicate manipulation in the digital assets market, Bloomberg reports.

The Virtual Commodity Association was formed by the founders of the exchange Gemini Cameron and Tyler Winklewoss. According to a statement released on Monday, the group also included Bitstamp, BitFlyer USA and Bittrex. Representatives of four trading platforms will meet in September to consolidate the provisions for the future functioning of the organization.

The Virtual Goods Association will develop standards for the industry, promote transparency in the market and cooperate with regulators, including the Commodity Futures Trading Commission of the United States (CFTC), in order to prevent manipulation of Bitcoin, Ethereum and other currencies.

As the temporary executive director of the organization, Maria Filipakis, who worked in the Financial Services Department of New York, was appointed, where she took part in the creation of a BitLicense.

Earlier, the Winklewoss brothers tried to launch their own ETF, tied to bitcoin, but the US Securities and Exchange Commission denied them twice, as the reasons for its decision, among other things, calling for the absence of adequate measures to prevent cryptocurrency market manipulations.