Japan's FSA issues punishments to cryptocurrency exchanges – Reuters Politics


TOKYO (Reuters) – Japanese regulators on Thursday issued punishment notices to several cryptocurrency exchanges and forced others to halt business, in an effort to shore up consumer protection after the $530 million theft of digital money from Coincheck.

FILE PHOTO: Journalists are seen next to Cryptocurrency exchange Coincheck’s signboard while Japan’s financial regulator conducts a spot inspection on Coincheck, in Tokyo, Japan February 2, 2018. REUTERS/Kim Kyung-Hoon/File Photo

The Financial Services Agency issued business improvement orders to Coincheck and six other exchanges. It ordered the suspension of operations at Bit Station and FSHO for one month starting Thursday, the FSA said in a statement.

The FSA said Coincheck lacked a proper internal control system for risks such as money laundering and terrorism financing.

Reporting by Taiga Uranaka; Editing by Chris Gallagher



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