The Japanese regulator ordered improvements for 6 out of 16 crypto stock exchanges that are fully licensed in the country. That include Bitflyer, Quoine, and Tech Bureau. At least one of these sinners has some form of connection to the Japanese organized Yakuzu crime.

The regulation was issued on 25th of June by the Japanese Financial Services Agency. It involves Bitflyer, Tech Bureau, Bitpoint Japan, Btcbox, Bitbank, and Quoine.

New registrations are stopped

Bitflyer is Japan’s largest crypto stock exchange. After the inspection, the agency declared that no effective system was in place to guarantee the proper and reliable operation of the company. At the same time, criticism was directed at insufficient measures to prevent money laundering and terrorist financing. The Exchange must now prepare a written report for the Agency by July 23rd.

Another five problem players received a similar command. Currently, 16 fully licensed exchanges operate in Japan. In the past, a similar measure concerned only the Tech Bureau, which was given the command for the second time.

Bitflyer has already criticized the first opinion of the authorities and stopped new user registrations. The Exchange team wants to show they are about to work with the agency. In addition to stopping registrations, the Exchange will re-collect their identity from current users.

“We reassessed the identity status of existing customers and the internal control system. Until improvements are forthcoming, we voluntarily suspend the creation of new accounts, “the Exchange reported.

The Japanese agency even confirmed that in at least one of the six cases some form of link to organized crime, in particular Yakuzu, was found. However, the regulator did not want to specify any further information.

Source: https://kryptotrejder.sk/japonsky-regulator-zasahuje-proti-burzam-preco/

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