Zaif Halts New Memberships
Osaka-based crypto exchange Zaif, one of the 16 crypto exchanges in Japan, has suspended signing up new members. “We chose to temporarily stop accepting new membership registration at 21 o’clock on September 28,” Zaif’s operator, Tech Bureau, announced Friday. The Business clarified,”Customers who are waiting for enrollment, such as being already in the process of identity verification by applying for membership registration, will enroll as usual as a member,” adding:
We’re responsible for recovering the harm to all present customers who were victimized by the currency outflow that is digital that is current, but to do so, [we need] to concentrate our resources.
Zaif was murdered on Sept. 14 but the violation was not discovered until Sept. 17. The total damage is estimated to be about 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 country’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 institution of the holdings company, Bitflyer Holdings Inc.,” the company announced. Bitflyer Inc., which operates Japan’s biggest crypto market,”has become a wholly-owned subsidiary of Bitflyer Holdings Inc. by way of a stock exchange.” In a joint statement, Bitflyer Inc. and Bitflyer Holdings Inc. explained,”Everybody will be able to use our services and trade just as they always have,” noting:
The purpose for creating a holdings company is to separate administrative and operational functions, to clarify the duties and responsibilities of each function, to strengthen corporate governance, and to create a more thorough compliance structurebitcoin casino no deposit bonus december 2016 usa bitcoin casino with shisa statues June 22, Bitflyer Inc. halted new account registrations after it had been 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 customers,” the market explains on its site.
With the institution of the holdings company, Yuzo Kano has resigned 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 regulated crypto exchanges, including Bitflyer and Zaif. The group has registered for accreditation with the FSA to become an organization that can legally enforce. The news outlet added that according to the sources:
The ceiling is very 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 team”plans to tighten self-regulatory measures it follows on the management of customer assets,” the publication described. The news outlet further detailed that the group”will shortly revise the self-imposed rules, drawn up in July, and implement them once it’s 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 controlled crypto exchanges and three deemed providers obtained from the Jvcea, 81.6 percent of all crypto transactions going through these exchanges are”margin or future trading.” Meanwhile, 18.4 percent are spot trading. Deemed providers are exchanges that have been permitted to operate in Japan while their applications are still being reviewed by the agencycasino games for bitcoin bitcoin cash casino windermere fl Japan has a total of Lastroots, Coincheck three deemed providers, and the Bitcoin of Everybody.
In its report, the FSA shows that it will”Tighten registration screenings and monitoring, taking account of issues found in reviews,””Review certification applications prepared by self-regulatory organizations and encourage them to attain the early establishment of the self-regulating function,” and”Lead the discussion for global collaboration to form regulations as the chair of the G20 in 2019.”
What do you consider the developments in Japan? Tell us in the comments section below.
Images courtesy of Shutterstock, Japan’s FSA, Zaif, and Bitflyer.
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