Cryptocurrency Market Update – Why Down?: Bitcoin (BTC) and Ethereum (ETH) Prices Drop Following Tax and Regulatory Confusion in South Korea and Japan (Cryptocurrency prediction July 2018)
The Cryptocurrency Market Bleeds Out as Japan Regulators Make a Major Announcement About Exchanges
According to the announcement, the largest crypto exchange in Japan, BitFlyer, was served an administrative penalty that lists a series of requirements which includes implementation of a strategically developed risk management plan for the protection of investors. If also requires the improvement of already existing practices for user information security.
The business improvement order by Japan’s FSA is a follow-up to a multiple exchange inspection movements that were initiated this year. According to the FSA, BitFlyer did not create an effective management system to the benefit of users.
All New Registrations on BitFlyer Have Been Shut Down
Following the administrative order, the cryptocurrency exchange, BitFlyer has shutdown all new registrations. In response to the order, the BitFlyer posted:
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“The order our company received is related to a mandatory ID verification procedure of our Japan operations. So, we have to reexamine the identification of some of our customers. To be able to manually complete the process in record time, we have decided to temporarily and voluntarily suspend the registration of new accounts.”.
BitFlyer isn’t the only exchange that was hit with the administrative order. All the cryptocurrency exchanges involved have been given till June 23 to provide Japan’s