More Japanese Exchanges May Close

Mr. Exchange and Tokyo GateWay withdrew their applications for registration with FSA
29 March 2018   1085

The Financial Services Agency (FSA) of Japan has strengthened the supervision of the local crypto-industry, as a result of which two crypto exchanges may soon be closed. This is reported by Nikkei.

Mr. Exchange and Tokyo GateWay withdrew their applications for registration with FSA, which was necessary to provide exchange services to local customers.

None of the exchanges has yet published an official statemen. On March 8, Mr. Exchange reported that they received an order demanding to strengthen their internal security protocols in connection with the attack on Coincheck in late January, which resulted in the stolen NEM tokens worth about $ 500 million.

The exchanges will be able to exit the business only after customers receive all their funds - both in cryptocurrencies and in fiat money.

In early March, Japanese regulators, citing weaknesses in the security system, suspended the operation of two crypto exchange exchanges - FSHO and Bit Station. The latter, as Nikkei writes, withdrew its application for registration, like the other two: Raimu and bitExpress.

As publication reports, three other unregistered Japan-based operators -- Raimu, bitExpress and Bit Station - have withdrawn their applications to register. More are expected to follow, as the FSA has given several exchanges a chance voluntarily close before ordering them to do so.

According to the law adopted in March last year, all Japanese exchanges must be registered with the FSA. Although by now many exchanges have already received the appropriate license, FSA has nevertheless strengthened the supervision of the crypto industry in connection with the breaking of Coincheck.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   295

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.