Japanese Regulator set Final Reject to a Crypto Exchange

The Japanese Financial Services Agency (FSA) after approving 16 cryptocurrency exchanges, is stated to reject a crypto exchange application for the first time
06 June 2018   1109

The applicant is an exchange that has been suspended for 2 times from carrying out any activities and gained 2 business improvement orders. 

The first time it has done so. The decision follows the ministry’s conclusion that Yokohama-based FSHO lacks the necessary systems to operate its business… By barring an exchange operator that it has found to be substandard, the agency aims to demonstrate its determination to re-establish a sound currency trading environment in Japan.
Nikkei Asian Review

FSHO is known as a “deemed dealer” or “quasi-operator” of cryptocurrencies in Japan, meaning it has been let processing a crypto exchange while its application with the FSA is being reviewed. In the March order, FSA suspended all of FSHO’s businesses towards cryptocurrencies from March 8 to April 7 and published the firm a business improvement order. According to it, the company was offered to correct 4 areas of operations such as to “Build a position to securely manage user information.” The measures taken were to be presented to the agency by March 22. In the April order, the agency again suspended all crypto operations of the company from April 8 to June 7 and issued another business improvement order.

This second order includes 5 business improvement areas, some of what were the same as those in the first order. Among new areas are the “Establishment of an effective management system including money laundering and terrorist financing” and a risk management system. The firm was to report the changes to the agency by May 7.

As reported by Nikkei Asian Review, the FSA found that "the exchange did not sufficiently verify the identity of customers in transactions where crime is suspected, or in cases where customer deposits may be diverted". The suspension period is to be completed on Thursday, after that the agency will block the exchange from operating and reject its registration.

DEAPCOIN IEO to be Held at OKEx on 8.04

The project is planning to raise $2M a the price of 1 DEP on IEO will be $ 0.0025
25 March 2020   1017

OKEx Exchange announced Wednesday the 11th initial exchange offering (IEO). It will be conducted by the DEAPCOIN Project (DEP) and will be held on April 8th.

As in previous OKEx campaigns, the selection of participants and the selection of the allocation coefficient will be carried out according to two criteria: the average daily balance of OKB and the trading volume on the exchange. For each of the groups, allocation of 400 million DEP tokens is allocated.

The price of 1 DEP on IEO will be $ 0.0025. Thus, the project intends to attract up to $ 2 million from OKEx users. Trading in USDT and USDK pairs will start on the same day.

The DEP token was released by DEAPCOIN to shape the economy around the PlayMining entertainment platform they are developing, where users can earn cryptocurrency during games. DEP is presented as an ERC-20 standard token, while game items on the blockchain will use the ERC-721 standard.

Despite the generally negative dynamics of the IEO space recently, the token of the previous placement of the OKEx platform - HyperDAO - that passed at the end of February is currently trading almost 3 times higher than the initial selling price.