Japan to Revise Exchanges Registration Rules

FSA "will strengthen the registration review" for companies that have submitted applications, but have not yet received approval
11 April 2018   1076

The Financial Services Agency (FSA) of Japan has revised its rules and procedures for cryptocurrency exchanges registration. FSA "will strengthen the registration review" for companies that have submitted applications, but have not yet received approval. Companies whose applications are under consideration (they are called "quasi-operators") are still allowed to work. This is written by Bitcoin .com with reference to local media.

As for companies that have already passed the initial examination process, FSA, according to Sankei Shimbun, "will continue to work with them through on-site inspections."

As a result of the inspection, it is a policy [of the FSA] to strongly seek ‘withdrawal’ from exchange companies that do not show improvement, Sankei Shimbun reports

This process should help prevent the repetition of the situation with the hacking of Coincheck - the exchange in September last year filed an application for registration and worked as a "quasi-operator". A few days ago it became known that Coincheck was acquired by Monex Group.

FSA decided to go for tightening rules after having checked all quasi-operators and found a large number of exchanges with a lot of security violations. Subsequently, five companies withdrew their applications, and some exchanges were ordered to cease operations. In addition, according to the news agency Jili Press, on Friday FSA said that another exchange, Campfire, also "expressed a desire to withdraw the application for registration."

FSA also checked exchanges that are already registered, including Quoine, Tech Bureau and GMO Coin. Tech Bureau and GMO Coin received an order from FSA to improve business processes.

We mainly examine the system of protecting users, the auditing function, which we do not know by reporting alone, whether they are exercising corporate governance by properly separating management and execution.
 

FSA

At the moment more than 100 companies expect FSA to obtain a license for exchange-related activities. Among them, in particular, the company named Line Corporation, which owns one of the most popular messengers in the world - Line.

China to Finance Hacker Attacks on Exchanges, - FireEye

Experts believe that the victims of APT41 are industry participants, the development of which is a priority in the current Chinese five-year period
08 August 2019   388

The hacker group APT41 attacks companies in the areas of healthcare, telecommunications, fintech, media, and cryptocurrency exchanges. This activity is funded by the Chinese government, according to analysts of cybersecurity company FireEye.

Experts believe that the victims of APT41 are industry participants, the development of which is a priority in the current Chinese five-year period.

Industries Targeted by APT41
Industries Targeted by APT41

At the same time, APT41 pursues its own goals, extracting financial benefits from attacks, which is unusual for other groups under the Chinese government, according to FireEye.

APT41 is known to include at least two people with the pseudonyms Chzan Xuiguan and Wolfji. The group probably has connections with other hacker organizations like BARIUM and Winnti.

FireEye also evaluated at what time of the day the APT41 attacked the gaming industry (its core target) and businesses from other areas. It turned out that this was happening outside the framework of a standard working day - probably these people, among other things, have the main job.

APT41 Operational Times
APT41 Operational Times

According to the UN Security Council, hackers under the DPRK government stole about $ 2 billion from banking institutions and cryptocurrency exchanges.