Zaif Halts New Memberships
Crypto exchange Zaif, one of the 16 crypto exchanges in Japan, has suspended signing up new members. “We decided to temporarily stop accepting new membership registration at 21 o’clock on September 28,” Zaif’s operator, Tech Bureau, announced Friday. The Business clarified,”Clients who are waiting for enrollment, such as being already in the process of identity verification by applying for membership registration, will register as usual as a member,” adding:
We’re responsible for recovering the harm to all existing customers who were victimized by the current currency outflow, but to do so, [we want ] to concentrate our resources that are internal.
Zaif was murdered on Sept. 14 but the breach wasn’t found until Sept. 17. The total damage is estimated to be approximately 7 billion yen (~$62 million). Tech Bureau claims that approximately 5,966 BTC, 42,327 BCH, and 6,236,810 MONA were stolen and casino games gametwist casino. The nation’s Financial Services Agency (FSA) has issued the company a third business improvement order.
Bitflyer announced Monday, Oct. 1, a change in the company’s organizational structure. “Today marks the establishment of the holdings company, Bitflyer Holdings Inc.,” the firm announced. Bitflyer Inc., which operates Japan’s largest crypto exchange,”has turned into a wholly-owned subsidiary of Bitflyer Holdings Inc. by way of a stock transfer.” In a joint announcement, Bitflyer Inc. and Bitflyer Holdings Inc. clarified,”Everybody will be able to use our services and transaction just as they always have,” noting:
The purpose for creating a holdings company would be to separate administrative and operational functions, to clarify the duties and obligations of each function, to strengthen corporate governance, and to create a more thorough compliance arrangementbonus code bitcoin casino bitcoin casino bonus free June 22, Bitflyer Inc. halted new account registrations after it was issued a business improvement order by the FSA. “In order to maximize our efforts towards building a suitable service and improving on the issues identified, we have voluntarily and temporarily suspended the onboarding of new clients,” the exchange explains on its site.
With the institution of the holdings company, Yuzo Kano has stepped down as the representative director of Bitflyer Inc. to become the CEO of Bitflyer Holdings Inc.. Nobuyoshi Suzuki from Mitsui Bank Ltd has been appointed the new representative director of Bitflyer Inc..
On Sunday, Sept. 30, Jiji Press reported that the Japan Virtual Currency Exchange Association (Jvcea)”will set a ceiling on the amount of digital monies managed online,” citing unnamed sources. Members of the association are the 16 crypto exchanges, including Zaif and Bitflyer. The group has filed to develop into an organization that can enforce. That was added by the information outlet according to the resources:
The ceiling is likely to be around 10 to 20 percent of customer deposits.
The group has been working on implementing self-regulation and was established in response to the hack of Coincheck in January. With the hack of Zaif, the group”plans to tighten self-regulatory steps it follows on the management of customer assets,” the publication described. The information outlet further detailed that the group”will shortly revise the self-imposed rules, drawn up in July, and implement them once it is certified by the Financial Services Agency.”
FSA’s Priority Report
The FSA published a report entitled Financial Services Policy: Assessments and Strategic Priorities 2018 on Wednesday, Sept. 26.
The agency revealed that based on data of 14 regulated crypto trades and three deemed providers obtained from the Jvcea, 81.6 percent of all crypto trades going through these exchanges are”margin or potential trading.” Meanwhile, 18.4 percent are spot trading. Deemed providers are exchanges that were permitted to operate in Japan while their applications are still being reviewed by the bureauCloudBet rating Japan has a total of Coincheck, Lastroots three deemed providers, and Everybody’s Bitcoin.
In its report, the FSA shows that it will”Tighten registration screenings and observation, taking account of issues found in reviews,””Review certification applications prepared by self-regulatory organizations and invite them to attain the early establishment of the self-regulating function,” and”Lead the discussion for international collaboration to form regulations as the chair of the G20 in 2019.”
What do you consider the improvements in Japan? Tell us in the comments section below.
Images courtesy of Shutterstock, Japan’s FSA, Zaif, and Bitflyer.
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