Japan Finance Regulatory Authority – FSA is Alert
In Japan Cryptocurrency is quite in trend and many big companies are coming ahead to invest. Japanese financial service Authority (FSA) are having doubts on 32 exchanges. According to the sources 16 exchanges are not even having the licences as they are have applied for it and they are under review. Last year in the month of September FSA approved 11 exchanges which are Zaif, Virtual currency, Fisco, Bitpoint, Btcbox, GMO Coin, SBI virtual currencies,Bit bank,GMO Coin, Quoine and Money partners.
Growing trend of crypto currencies in Japan keeps regulatory authorities worried as nature of the market is very volatile. Currently 32 exchanges are in the scrutiny may be they have licence or not. 16 Exchanges without licence may face severe trouble. In-depth inspections rounds are carried. Later another list of autonomous or deemed exchanges was announced which includes the biggest exchange of the country i.e Coincheck and other 15 names are following Bitexpress corporation, Bmex corporation, Mr.Exchange, Blue dream Japan, Bit station, Kirin Corporation, FSHO corporation , Debit Eternal links, Lastroots corporation Minnano Bitcoin, Payward Japan, Lemuria Bitcoin Exchange (Bitcrements), Campfire Corporation, and Tokyo Gateway. FSA has given clear warning to all the exchanges and ask the management to submit reports on their risk management systems which includes such as the details of their systems to manage customer assets and cyber attack counter measures.
Exactly what Happen?
Coincheck japan’s biggest crypto currency exchange came under the cyber hacking attack. The over all loss is huge and exchange management is ready to payback.the amount 58 billion yen (USD$530 million) worth of NEM are stolen. That way exchange has promised clients safety. All loss part will be handled by exchange but no time frame is given yet. 260,000 affected customers are there and finance minister is Taro Aso is rigorously investigating the facts. Online inspections and offline inspections are going on hand by hand. Government is involved and trying workout on facts and findings of scam.
Somehow last week hackers planned the event and massive hacking done at coincheck exchange which affected the entire customer base of the exchange. Government is in close touch with the management of the exchange in order to put them pressure to repay the payments. Customer protection is foremost important therefore government and exchange authorities are putting their level best to recover the losses occurred due to this cyber attack. National cyber cell of the Japan in collaboration Police and intelligencia services chasing the hackers and they are expecting them to be arrested as soon as possible. Finance authority and police authority are working hand on hand.
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