Financial regulator of Japan have suspended the work of two local Cryptocurrency Exchanges for a month.
The financial services Agency (FSA) announced that it has issued orders for suspension of the two exchanges – FSHO and Bit Station for a month.
Seven Japanese Cryptocurrency exchanges was to provide a plan to improve their security measures until 22 March. Among these Tech exchanges Bureau, GMO Coin, Mister Exchange Bicrements and Coincheck, which recently hacked resulting in stolen approximately $ 500 million.
Shortly after this incident, the FSA conducted inspections on Coincheck and other cryptocurrency platforms that have not yet received a license from the FSA including inadequate security measures. Among these seven exchanges were two, whom the Agency ordered to suspend work.
FSA has also established a study group to work with the cryptocurrency exchange, which deals with the study of institutional issues related to cryptocurrency.
According to the Agency, among the members of the research team will include scientists, representatives of the cryptocurrency exchanges as well as government agencies as observers. According to statements, he FSA will act as the Secretariat.
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