Japan closes 5 exchanges

According to the EFECOM agency, five markets of cryptocurrencies in Japan plan to close their activities due to the increase in security requirements of the Japanese regulator, as a result of the multi-million dollar robbery suffered in January by one of the largest companies in the sector. The five exchange houses, which were waiting to obtain a permit from the Japanese Financial Services Agency (FSA), will terminate their activities due to their inability to meet the strictest requirements of this agency, as reported today by the Japanese economic newspaper Nikkei.

The operators are GateWay, Mr. Exhange, Raimu, bitExpress and Bit Station, all of them with a small market volume compared to the Japanese giants of the sector, BitFlyer, Zaif and Coincheck, which was the subject of the largest hack to date a cryptocurrency market.

Japanese regulations require all the cryptocurrency markets that operate in the country to register with the FSA and meet certain security and transparency requirements, in addition to forcing them to verify the identity of their clients to avoid money laundering and other illicit transactions.

Both Coincheck and the five markets that will close their operations were waiting to register with the Japanese regulator, although the FSA had allowed them to continue operating on the condition that they meet their requirements soon. In Japan, a total of 32 cryptocurrency markets operate, of which half are in the process of being approved by the Japanese regulator, whose harshest approach is leading to the restructuring of a sector in which numerous companies have proliferated. The five markets are expected to abandon their business after returning to their customers assets in yen or cryptocurrencies stored in digital wallets, according to the aforementioned Japanese newspaper. In addition, the Japanese regulator issued a warning last week against the Binance crypto exchange house, headquartered in Hong Kong and the largest in the world by business volume, for operating without a license in Japan.
Jose Felip

Jose Felip

The difficult thing is not to learn, the difficult thing is to know how to teach. Editor and coordinator of the free book "La era de las BLOCK punto COM" CEO of bitcoiner.today