Today, Japan announced it would take action against cryptocurrency exchanges that currently do not comply with the Financial Service Agency’s customer protection and anti-money laundering measures. There is a chance that the FSA will indefinitely shut several exchanges; this potential punitive action is likely to ensure exchanges are granted time to create the proper procedures to protect consumers. The exchanges that are to be targeted remains unknown; however, it is ostensible this news has shaken investors, contributing to the market’s sharp decline.
