Until recently the Japanese authorities are quite tolerant to cryptocurrency exchanges. Although recently the rules of their work and control over them has been tightened, none of the stock exchange has not lost its license. On the contrary, the authorities gave the exchanges, failed to meet the standards, the opportunity to voluntarily withdraw the application and terminate the operation.
The first exception was the FSHO. In recent months, she continued to work, although its application was in the process of approval by the financial services Agency (FSA). While all of the exchanges only FSHO twice received comments from the FSA. Both times, the Supervisory authority ordered trading facility to suspend operations until a successful solution to certain problems.
At the end of March, the Nikkei reported that the financial services Agency “made the decision to close the exchange, arguing that FSHO no systems necessary for business management”. The publication notes:
Stopping the operation of exchange operator that it has not considered the relevant standards, the Agency’s commitment to restore the healthy environment of currency trading in Japan.
The crackdown followed the attack on Coincheck, which at the beginning of this year, criminals stole money in the amount of $530 million amid robbery agents FSA began personally to inspect the offices of the exchanges.
At this point check the Agency received 16 trading platforms. However, according to the Nikkei, “some operators believe that fail to bring their activities into compliance with the standards of the FSA”. At least seven stock exchanges announced a voluntary cessation of work.