Japan’s largest cryptocurrency exchange bitFlyer has introduced temporary restriction for opening of accounts for new users once received from the Agency for financial services authority (FSA) requirement to improve system security and control structure.
At the FSA has doubts about the compliance of the activities of the crypto currency exchange requirements on prevention of the laundering of money, obtained illegally, financing of terrorism and unauthorized access to the data. In addition, the financial regulator drew attention to the fact that the policy bitFlyer is aimed primarily at reducing the costs, and the ability of executives to control the operating activities are insufficient.
In bitFlyer announced that “management and employees have a shared understanding of how serious these issues” and begin to work on the corrections specified by the financial regulator faults. Among other things, received the order of the financial regulator is required to conduct a mandatory verification of all users, which may necessitate re-sending clients documents by request of the crypto currency exchange. To report to the FSA on the actions taken bitFlyer needs in the period up to 23 July.
We will remind, last week the FSA decided on the issuance of orders to improve business five licensed cryptomeria: Quoine, Bitbank, BITPoint Japan, BtcBox and bitFlyer.