Zaif Halts New Memberships
Crypto exchange Zaif, one of the 16 crypto exchanges in Japan, 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 damage to all existing customers who were victimized by the current money outflow that is digital, but to do so, [we need] to focus our resources.
Zaif was murdered on Sept. 14 but the breach was not discovered until Sept. 17. The total damage is estimated to be approximately 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 business’s organizational structure. “Today marks the institution of the holdings company, Bitflyer Holdings Inc.,” the firm announced. Bitflyer Inc., which operates Japan’s largest crypto exchange,”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. clarified,”Everyone 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 operational and administrative purposes, to describe the duties and obligations of each function, to strengthen corporate governance, and to create a more thorough compliance structureBetChain scam 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 topics identified, we have voluntarily and temporarily suspended the onboarding of new customers,” the exchange explains on its site.
With the establishment 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 crypto exchanges, such as Zaif and Bitflyer. The group has registered to become an organization that can legally enforce. The news outlet added that according to the sources:
The ceiling is likely to be around 10 to 20 percent of customer deposits.
The team has been working on implementing self-regulation and was established in response to Coincheck’s hack in January. With the hack of Zaif, the group”plans to tighten self-regulatory measures it follows on the management of customer assets,” the publication described. The information 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 regulated crypto trades and three deemed providers obtained from the Jvcea, 81.6 percent of all crypto trades going through these trades are”margin or potential trading.” Meanwhile, 18.4 percent are spot trading. Deemed providers are exchanges which have been allowed to operate in Japan while their applications are still being reviewed by the bureaupast ignition casino bitcoin addresses bitcoin casino us promo codes Japan has a total of Lastroots, Coincheck three deemed providers, and Everybody’s Bitcoin.
In its report, the FSA shows that it will”Tighten registration screenings and observation, due to issues found in reviews,””Review certification applications ready by self-regulatory associations and encourage them to attain the early establishment of the self-regulating function,” and”Lead the discussion for global cooperation to form regulations as the chair of the G20 in 2019.”
What do you think of the improvements in Japan? Tell us in the comments section below.
Images courtesy of Shutterstock, Japan’s FSA, Zaif, and Bitflyer.
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