Japanese Financial Regulator Suspends Two Crypto Exchanges

According to the order, FSHO and Eternal Link exchanges stop all operations related to virtual currency until June 7 and June 5 respectively
09 April 2018   1020

The Kanto Local Finance Bureau of Japan's Ministry of Finance has published a new report on April 6, describing the Administrative Punishment for Financial Institutions and the administrative penalties. The Japanese financial regulator was investigating the activity of the exchanges, from March, and it finally announced its decision to suspend two cryptocurrency exchanges: Eternal Link and FSHO, which did not properly require customers to provide information such as purposes of trades.

According to the order, FSHO exchange stops all operations related to virtual currency from April 8 until June 7. Moreover, during the period from April 6, to June 5, all operations related to the virtual currency exchange business should be stopped by Eternal Link exchange.

There are several measures which are required from the exchanges to unsure that they are reliable:

  • Execution of confirmation at the time of trading on trading and execution of notification of suspicious transactions
  • Effective management system including money laundering and terrorist financing including review of business model
  • Secure management of user information
  • Risk management system
  • Proper implementation of legal book preparation and preservation

Moreover, according to the report, both cryptocurrecny exchanges did not implement procedures around reporting suspicious transactions to the Financial Service Authority.

Binance to Launch Fiat-to-Crypto OTC Trading

Binance co-founder also said that the exchange will also add support for OTC trading for the renminbi to increase domestice market presence
20 September 2019   44

Binance cryptocurrency exchange will launch over-the-counter trading (OTC) with fiat currencies within a month, CoinDesk reports.

Binance co-founder He Yi stressed that the exchange will also add support for OTC trading for the renminbi in an attempt to increase its presence in the Chinese market.

Soon, Binance will introduce a payment service that will allow customers from 170 countries to buy cryptocurrencies for fiat on Binance.com.

The exchange launched an OTC platform at the beginning of the year, and in July Binance added a “block trading” service that allows traders to carry out transactions from 10 BTC.