Japanese financial services Agency (FSA) has prepared new rules for six was cryptocurrency exchanges that oblige platforms to introduce enhanced measures to ensure security. This step is followed by inspections conducted by the Agency several months ago.
The new rules will affect bitFlyer, QUOINE, BTC Box, Bit Bank, Tech Bureau and Bit Point. The FSA requires that companies have increased the efficiency of the internal audit system and user protection, and by 23 July had provided the Agency with a written report on the progress in improving their systems. In addition, companies will have to send these reports on a monthly basis as long as the order of the sites will not fully satisfy the requirements of the Agency.
Note that the exchange list has already begun a reorganization of its activities. In particular, bitFlyer, has temporarily suspended new user registrations and checks the identity of some of the old customers. Representatives told the journalists that work closely with FSA and will renew promptly. Also bitFlyer has prepared a plan change that includes new measures to protect users and data, risk management and listing of new tokens in accordance with the new rules.
Recall that the FSA started to check was trading platforms in April, after hacking cryptocurrency exchange Coincheck, which the attackers stole $530 million In the course of inspections, the Supervisory authority found that some companies still not taking adequate measures to detect suspicious transactions. According to the FSA, the sec also lacks the staff to cope with the growing volume of transactions on the platforms. All this creates gaps in the system security and increases the threat of money laundering.
In early June, the Agency officially revoked the license of the cryptocurrency exchanges FSHO. Before that, the FSA twice made decisions on the suspension of the exchange, due to alleged failure to improve the security system and procedure to combat money laundering.
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