Japanese Watchdog to Check 32 Exchanges

Financial Service Agency of Japan will test exchanges at 43 different point
05 February 2018   450

Japanese Financial Service Agency announced the check of 32 local cryptocurrency exchange. This is reported by Bitcoin com.

The inspection will affect 16 cryptoexchanges, which have already applied for licenses in the FSA. Also, the agency will check the activities of the other, already licensed trading platforms.

The agency will test the activities of cryptoexchange at 43 different points, which include aspects related to risk management, cybersecurity and ensuring the safety of users' funds.

In September last year, the Agency granted applications for a license for 11 local crypto-exchanges. Among them:

  • Money Partners,
  • Quoine,
  • Bitflyer,
  • Bit Bank,
  • SBI Virtual Currencies,
  • GMO Coin,
  • Bittrade,
  • Btcbox,
  • Bitpoint,
  • Fisco Virtual Currency
  • Zaif.

After that, in December, these Japanese trading platforms were licensed 

  • Tokyo Bitcoin Exchange,
  • Bit Arg Exchange Tokyo,
  • FTT Corporation,
  • Xtheta Corporation, 
  • Bitocean Corporation

The following exchanges are currently awaiting licensing:

  • Minnano Bitcoin,
  • Payward Japan,
  • Lemuria Bitcoin Exchange (Bitcrements),
  • Campfire Corporation,
  • Tokyo Gateway,
  • Lastroots Corporation,
  • Debit,
  • Eternal Link,
  • FSHO Corporation,
  • Kirin Corporation,
  • Bit Station,
  • Blue Dream Japan,
  • Mr . Exchange,
  • Bmex Corporation 
  • Bitexpress Corporation.

Shortly after the hacking of the large crypto-exchange Coincheck, the Japanese regulator checked the financial condition and reliability of the security systems of the trading platform. FSA obliged the management of the Exchange to strengthen the reliability of security systems and by February 13 to provide the department with a report on the work done. 

Japan to Tighten Regulation Due to Zaif Hack

$ 62 000 000 worth cryptocurrency was stolen from the Zaif exchange few weeks ago
25 September 2018   82

Hacking of Zaif exchange is the reason for toughening control over the market by the financial regulator of Japan, Reuters reports.

The first measure taken was administrative sanctions against the exchange and its operator Tech Bureau Corp. The Financial Services Agency (FSA) has expanded the list of requirements for the latter, pointing out the need to identify preventive measures and search for the organizers of the theft.

Shortly before that, researchers of the Japanese financial company Tech Bureau Corp could not provide details of the theft of $ 62 million from the Zaif crypto exchange at the request of the FSA. The Osaka-based operator had to investigate the causes, consequences of the theft and options for compensating the victims. According to the Agency, the financial company could not cope with the task.

According to the Tech Bureau, the exchange was hacked on September 14 within a few hours. The problem with the server was discovered by the site staff on 17 September. Official confirmation of the incident and notification of the authorities was made only a day later.

Recall, the theft of $ 60 million from the Japanese stock exchange Zaif caused a surge of volatility of bitcoin. For a short time the price was able to overcome the distance of $ 400.