Zaif Halts New Memberships
Crypto exchange Zaif, among 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 company clarified,”Customers who are waiting for registration, such as being already in the process of identity verification by applying for membership registration, will register as usual as a member,” adding:
We’re responsible for recovering the harm to all existing customers who were victimized by the current currency outflow that is digital, but to do so, [we want ] to focus our resources.
Zaif was murdered on Sept. 14 but the violation was not found 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 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 market,”has become a wholly-owned subsidiary of Bitflyer Holdings Inc. by means of a stock exchange.” In a joint statement, Bitflyer Inc. and Bitflyer Holdings Inc. clarified,”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 purposes, to clarify the duties and obligations of each job, to strengthen corporate governance, and to create a more thorough compliance arrangement 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 clients,” the exchange explains on its website.
With the institution of the holdings company, Yuzo Kano has resigned 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 monies handled online,” citing unnamed sources. Members of the association are the 16 controlled crypto exchanges, such as Zaif and Bitflyer. The group has filed for certification with the FSA to develop into a company that can enforce self-regulation on its own members. The information outlet added that according to the resources:
The ceiling is very likely to be around 10 to 20 percent of customer deposits.
The team was established in response to Coincheck’s hack in January and has been working on implementing self-regulation. With the hack of Zaif, the group”intends to tighten self-regulatory steps it follows on the management of customer assets,” the novel described. The information outlet further detailed that the group”will update 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 exchanges and three deemed providers obtained by the Jvcea, 81.6 percent of all crypto trades going through these exchanges are”margin or potential trading.” Meanwhile, 18.4 percent are spot trading. Deemed providers are exchanges that were allowed to operate in Japan while their applications are still being reviewed by the agencyonline casino bitcoin cashout best bitcoin casino investment Japan 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, taking account of issues found in inspections,””Review certification applications prepared by self-regulatory associations and encourage them to attain the early establishment of the self-regulating function,” and”Lead the discussion for global collaboration to form regulations as the chair of the G20 in 2019.”
What do you consider the developments in Japan? Tell us in the comments section below.
Images courtesy of Shutterstock, Japan’s FSA, Zaif, and Bitflyer.
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