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   1048

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.

OKEx to Unveil BTC Options Launch Date

To gain access to options trading, OKEx users must pass the KYC procedure and a special test
09 December 2019   53

OKEx Cryptocurrency Exchange will launch the trading of settlement options for bitcoin on December 27. Contracts will be denominated in dollars.

The exchange already offers spot and futures trading, but is not included in the list of trusted sites in terms of volume cleanliness.

The exchange's bitcoin options give traders the opportunity, but not the obligation, to buy or sell the underlying asset at the selected price within the agreed time frame.

To gain access to options trading, OKEx users must pass the KYC procedure and a test for readiness for product trading.

From December 12, the exchange will launch the product in simulation trading.