On Friday, the Financial Services Agency continued its crusade against noncompliant cryptocurrency exchanges.
On April 6, 2018, Japan's Financial Services Agency (FSA) ordered[1] cryptocurrency exchange Eternal Link to cease its operations effective immediately and demanded that FSHO suspend its business by Sunday, April 8. Per Reuters[2], both Eternal Link and FSHO were told to suspend their businesses for two months
According to CNN[3], last month, the FSA instructed FSHO to cease trading activity for 30 days as the exchange was suspected of not providing adequate protections for its customers. Today, the Nikkei Asian Review[4] reported that the FSA also issued a "business improvement order" to a third exchange called Last Roots.
All three companies are part of a recently-formed, FSA-approved self-regulatory organization[5], comprised of 16 Japanese cryptocurrency exchanges. After the catastrophic Coincheck[6] hack, the FSA has ramped up[7] its regulatory efforts toward cryptocurrency businesses.
In March, the FSA hosted a meeting[8] for central banks, financial regulators, and academic institutions to discuss blockchain technology.
Matthew is a writer with a passion for emerging technology. Prior to joining ETHNews, he interned for the U.S. Securities and Exchange Commission as well as the OECD. He graduated cum laude from Georgetown University where he studied international economics. In his spare time, Matthew loves playing basketball and listening to podcasts. He currently lives in Los Angeles. Matthew is a full-time staff writer for ETHNews.
ETHNews is committed to its Editorial Policy[9]
Like what you read? Follow us on Twitter @ETHNews_[10] to receive the latest Japan, exchange or other Ethereum wallets and exchanges news.
