Japanese Watchdog to Check Exchanges After $500M Stolen

The Financial Services Agency of Japan will check local exchanges after Coincheck hack
29 January 2018   419

The Financial Services Agency of Japan (FSA) will begin checking the rest of the country's bitcoin exchanges after Friday's hack of Coincheck. This is reported by Nikkei.

In addition, the FSA commissioned Coincheck to submit by February 13. report on the incident and develop measures to avoid its recurrence. It is also possible that Coincheck will be fined, the size of which remains unknown.

According to the publication, FSA will also conduct inspections of other exchanges.

In April 2017, Japan obliged operators of cryptoexchanges to pass state registration, allowing existing platforms, including Coincheck, to continue working before obtaining a license. At the moment, such licenses are owned by 16 exchanges.

On Friday, January 26, Coincheck suspended operations with the digital currency NEM (XEM), and then with the other altcoins. Payments with bank cards and Pay Easy were also suspended. Later, representatives of Coincheck confirmed the theft of 58 billion yen ($ 533 million) in the NEM (XEM) crypto currency.

Binance to Partner with Chainalysis for AML

Use of Chainalysis KYT solution will allow to compile with KYC- and AML-norms and also simplify the process of opening bank accounts
18 October 2018   83

The largest exchange by daily trading volume Binance uses software from Chainalysis, called Chainalysis KYT [know your transaction], to monitor real-time transactions and identify transfers related to criminal activity. This is stated in a joint press release.

Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.
 

Jonathan Levin

Co-Founder and COO, Chainalysis

Thus, the use of software from Chainalysis not only guarantee compliance with the KYC- and AML-norms, but also simplify the process of opening bank accounts.

By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.
 

Wei Zhou

CFO, Binance

Chainalysis KYT release was held in April.