Zaif Halts New Memberships
Crypto exchange Zaif, one of the 16 regulated crypto exchanges in Japan, has suspended signing up new members. “We chose to temporarily stop accepting new membership enrollment at 21 o’clock on September 28,” Zaif’s operator, Tech Bureau, announced Friday. The Business clarified,”Customers who are waiting for registration, such as being already in the process of identity verification by applying for membership registration, will enroll as usual as a member,” adding:
We’re responsible for recovering the harm to all customers who were victimized by the current currency outflow that is digital, but to do so, [we want ] to concentrate our internal resources.
Zaif was murdered on Sept. 14 but the breach was not discovered until Sept. 17. The total damage is estimated to be about 7 billion yen (~$62 million). Tech Bureau claims that roughly 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 company announced. Bitflyer Inc., which operates Japan’s largest crypto exchange,”has turned into a wholly-owned subsidiary of Bitflyer Holdings Inc. by means of a stock transfer.” In a joint announcement, Bitflyer Inc. and Bitflyer Holdings Inc. explained,”Everyone 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 functions, to clarify the duties and obligations of each job, to strengthen corporate governance, and to create a more thorough compliance structurebitcoin casino free spins 2018 bitcoin casino software prices June 22, Bitflyer Inc. halted new account registrations after it was 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 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 crypto exchanges, including Zaif and Bitflyer. The group has filed to develop into an organization that can enforce. The information outlet added that according to the resources:
The ceiling is likely to be around 10 to 20 percent of customer deposits.
The team was established in response to the hack of Coincheck in January and has been working on implementing self-regulation. 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 update the self-imposed rules, drawn up in July, and implement them once it is 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 exchanges are”margin or potential trading.” Meanwhile, 18.4 percent are spot trading. Deemed providers are exchanges that have been permitted to operate in Japan while their applications are still being reviewed by the agencybitcoin casino free spins 2018 bitcoin casino software prices Japan has a total of Lastroots, Coincheck three deemed providers, and the Bitcoin of Everybody.
In its report, the FSA shows that it will”Tighten registration screenings and observation, due to issues found in inspections,””Review certification applications prepared by self-regulatory organizations and encourage them to achieve the early establishment of the self-regulating function,” and”Lead the discussion for international 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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