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Japanese Regulator Has Suspended Two Cryptocurrency Exchanges

japan suspended exchanges

The Financial Services Agency of Japan (FSA) ihas issued the order on suspension of activity of two cryptocurrency exchanges such as FSHO and Bit Station.

Platform operation is stopped for 30 days — during this time they have to take all necessary measures for improvement of internal security systems. Bit Station has also convicted that its employees used clients funds for their own purposes. Earlier, the exchange received a temporary work permit, but subsequently withdrew the application for the necessary license.

In addition, the FSA obliged five more exchanges - Tech Bureau, GMO Coin, Bicrements, Mr. Exchange and Coincheck - to provide a written plan to improve security by March 22.

We will remind, on January 26 the Japanese exchange Coincheck has confirmed large theft of funds from the platform. A total of 58 billion yen ($ 533 million) in the NEM (XEM) cryptocurrency was stolen.

Soon after breaking the Japanese regulator has inspected a financial state and security systems of Coincheck. On February 15, the exchange submitted a report to the Japan Financial Services Agency, containing a plan of action that the company is taking to improve its business processes.

Earlier it also became known that two large associations representing Japan's crypto-currency industry had come to an agreement on the formation of a self-regulatory organization that, with the assistance of the FSA, would work on developing safety standards for investors.