Zaif Halts New Memberships
One of the 16 regulated crypto exchanges in Japan, osaka-based crypto exchange Zaif, 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 enroll as usual as a member,” adding:
We are responsible for recovering the harm to all present customers who were victimized by the money outflow that is current, but to do so, [we want ] to concentrate our resources.
Zaif was murdered on Sept. 14 but the violation wasn’t found 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 firm announced. Bitflyer Inc., which operates Japan’s biggest crypto exchange,”has turned into a wholly-owned subsidiary of Bitflyer Holdings Inc. by way of a stock transfer.” 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 would be to separate operational and administrative functions, to describe the duties and responsibilities of each job, to strengthen corporate governance, and to produce a more thorough compliance arrangementbest bitcoin casino sites bitcoin casino golden globes 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 topics identified, we have voluntarily and temporarily suspended the onboarding of new customers,” 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 currencies managed online,” citing unnamed sources. Members of the association are the 16 regulated crypto exchanges, such as Zaif and Bitflyer. The group has filed to become an organization that can enforce. That was added by the news outlet according to the sources:
The ceiling is likely to be around 10 to 20 percent of customer deposits.
The group was established in response to the hack of Coincheck in January and has been working on implementing self-regulation. With the hack of Zaif, the team”plans to tighten self-regulatory steps it follows on the management of customer assets,” the publication described. The news outlet further detailed that the group”will update 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 controlled crypto trades and three deemed providers obtained by 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 agencyTrusted 1xbitcasino Japan currently has a total of Coincheck, Lastroots three deemed providers, and the Bitcoin of Everybody.
In its report, the FSA shows that it will”Tighten registration screenings and monitoring, due to issues found in inspections,””Review certification applications ready by self-regulatory organizations and invite them to attain the early establishment of the self-regulating function,” and”Lead the discussion for international cooperation to form regulations as the chair of the G20 in 2019.”
What do you think of the improvements in Japan? Let us know in the comments section below.
Images courtesy of Shutterstock, Japan’s FSA, Zaif, and Bitflyer.
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