In Japan, mass closed cryptocurrency exchanges

In Japan, mass closed cryptocurrency exchanges

Amid growing control by the regulatory authorities of Japan, two local cryptocurrency exchanges ceased operations.

According to local newspaper the Nikkei, two cryptocurrency exchanges – Mr. Exchange and the Tokyo GateWay is withdrawing the previously filed application in the Japanese financial services Agency (FSA) in which they requested permission to work in the domestic market.

None of the exchanges has not yet released an official statement, although on March 8, Mr. The Exchange stated that they received the instruction from the FSA to strengthen internal security measures. This happened after the incident with the cryptocurrency exchange Coincheck at the end of January, which was stolen about 533 million dollars in cryptocurrency NEM.

According to the Nikkei, closing will not occur until the assets are withdrawn or paid in any other way.

Earlier this month, Japanese regulators have suspended the work of two cryptocurrency exchanges: FSHO and Bit Station, citing flaws in the security system. Nikkei reports that Bit Station withdrew their application for a license, and two cryptocurrency exchanges: Raimu and bitExpress. Just at the moment in Japan already ceased operations or intend to do 6 of cryptocurrency exchanges.

Publisher Nikkei claims that this is not the last closure of cryptocurrency exchanges and they will be followed by a new one. In the opinion of the publisher is the policy of the FSA is to give a chance for the sec to close on their own

All cryptocurrency exchanges in Japan should be registered with FSA, as provided by law, which entered into force in March last year. To date, about 10 exchanges has received approval of the regulator.

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