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FSA Japan has imposed sanctions on several crypto-currency exchanges

The Financial Services Agency (FSA), the Japanese financial regulator, has published notice of sanctions against several crypto-exchange exchanges, some of them may be suspended.

The agency conducted checks of crypto-banks after a large-scale embezzlement of funds with Coincheck in January this year, when a $ 534 million crypto currency was stolen as a result of the hack. At that time, it became the largest theft in the crypto-currency market. The authorities of the country then stated that crypto-exchanges should strengthen cybersecurity measures and strengthen internal management systems. FSA announced the beginning of checks of crypto-currency exchanges, including on the ground. In Coincheck offices, the financial regulator conducted searches.

It is known that the measures will be taken in respect of those sites where in the course of face-to-face inspections regulators have identified problems in the protection of customer funds or the fight against money laundering.

Which sites will be punished and what will be the penalty, is still unknown.

Recall that after the theft of over $ 400 million in the crypto currency of the Coincheck exchange, the Financial Services Agency of Japan announced that all the exchanges of crypto-currencies, both licensed and unlicensed, have been inspected for compliance with their risk management systems and the storage of funds to the established standards.

As a result of these inspections, the regulator decided to issue a resolution on the termination of several unlicensed sites, the source said.

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FSA Japan has imposed sanctions on several crypto-currency exchanges


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