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Japanese Regulators | Crypto Exchanges Suspended

Japanese regulators

The Japanese regulators of the Financial Services Agency (FSA) have done it again. Two more crypto exchanges have been given a notice to suspend all trading activities. Another exchange was sent a business improvement notice by the government body. The biggest Japanese crypto exchange, Coincheck, may also be getting a new owner.

Nikkei Asian Review reports that the FSA is ordering the cryptocurrency exchanges to suspend business for two months. The FSA is continuing in its efforts to crack down on crypto exchanges and enforce regulations after the massive Coincheck hack back in January.

>> Japan proposes guidelines to regulate and legalize ICOs

Earlier in March, the FSA sent a business improvement notice to Coincheck, which may have led to the subsequent dropping of anonymity-focused coins Monero [XMR], Dash, and Zcash [ZEC]. At that time, the FSA sent business improvement notices to seven crypto exchanges, Coincheck included, and ordered a suspension of operations for two of them.

This time around, the FSA told the Japanese crypto exchange Eternal Link that it was to stop all business operations as of today, April 6th. FSHO, which had previously been asked to halt in March the first time the FSA did the rounds, has now been ordered to suspend business from April 8th. Both exchanges will be unable to operate for two months.

The third crypto exchange, Last Roots, was issued a business improvement order by the FSA.

>> OkEk exchange: manipulation causes widespread panic among users

Not all Japanese crypto exchanges are playing along. A total of five exchanges have decided to close shop rather than submit to the regulations being clamped down on them by the FSA. The most recent are GateWay and Mr. Exchange. Both exchanges were among those that received the FSA business improvement orders earlier in March. Those crypto exchanges shutting down will cease all operations after returning their clients’ cash and crypto holdings.

As for Coincheck, in what is perhaps another move to stay compliant with the FSA, it has been confirmed that the online brokerage firm Monex Group Inc. will be buying Coincheck for 3.6 billion yen.

>> Coinbase launches own venture fund – big things to come

Featured image: Hibusiness

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