More Japanese Exchanges May Close

Mr. Exchange and Tokyo GateWay withdrew their applications for registration with FSA
29 March 2018   833

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As publication reports, three other unregistered Japan-based operators -- Raimu, bitExpress and Bit Station - have withdrawn their applications to register.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.

Coinsquare to Acquire StellarX

StellarX team belives Coinsquare is a great fit and it will help to develop the exchange
15 February 2019   117

Coinsquare, the largest Canadian bitcoin exchange, has acquired the decentralized StellarX exchange. The deal became a natural continuation of the BlockEQ XLM purse purchase in December 2018.

The StellarX Exchange is built on the Stellar protocol and offers users peer-to-peer trading in a number of cryptocurrencies and even some fiat pairs.

Note that the site does not provide custodial services and does not have access to the means of users.

Coinsquare intends to request a license for StellarX from the regulators of Bermuda. The position of CEO of the platform will be taken by the head of BlockEQ, Megha Bambra.

From here, StellarX will continue along the roadmap we announced last Fall, led by a dedicated team at Coinsquare of developers and designers who will make StellarX into the product we know it can be. StellarX will continue to operate and grow under its own brand. [...] To fulfill its potential, StellarX needs a home with regulatory experience and with a full-scope plan to build around the app. Coinsquare is the perfect fit.

StellarX Team

At the beginning of last year, the Canadian stock exchange raised $ 30 million from Canaccord Genuity. In 2018, she entered the European market, and also planned expansion to Japan.