More Japanese Exchanges May Close

Mr. Exchange and Tokyo GateWay withdrew their applications for registration with FSA
29 March 2018   631

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As publication reports, three other unregistered Japan-based operators -- Raimu, bitExpress and Bit Station - have withdrawn their applications to register.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

Bakkt to be Launched in December

It is also reported that Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure
19 October 2018   53

The expected launch of the Bakkt will take place on December 12 of this year. It is reported by The Block, citing informed sources.

Also, the material states that the investment bank Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure. At the same time, the bank is considering the possibility of trading futures on a new platform.

In a recent Fortune interview with Bakkt, Kelly Lofler said that the cryptocurrency market is on the verge of a revolution comparable in size to the one that occurred on the energy market in the early 2000s.

Greater institutional participation in the digital asset markets requires secure and regulated custody solutions. We are impressed by BitGo’s product, unique services, and the management team. We view our investment in BitGo as an exciting opportunity to contribute to the evolution of this critical market infrastructure.
 

Rana Yared

Managing director, Goldman Sachs’ Principal Strategic Investments group

Bakkt is a cryptocurrency unit of the Intercontinental Exchange (ICE), which is the operator of the New York Stock Exchange. Giants such as Microsoft and Starbucks are taking part in creating of the new project, which is positioned as an “ecosystem for digital assets”.

The new platform will offer deliverable bitcoin futures to the market (unlike the settlement contracts for CBOE and CME, these are based on the underlying asset). The platform will support multiple fiat currencies.