A total of nine cryptocurrency exchanges in Japan have suspended their operations so far. This includes the latest two, one of which was sanctioned by the Japanese financial regulator on Wednesday while the other voluntarily withdrew its license application.
Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies
Blue Dream Japan
The Japanese Financial Services Agency (FSA) issued a business improvement and suspension order to Blue Dream Japan Co. Ltd on Wednesday after an on-site inspection was carried out. The company must halt all activities related to its crypto exchange business from April 11 to June 10.
Following the FSA’s order, Blue Dream Japan issued a statement, “We will solemnly accept the business suspension order and business improvement order,” adding that they “promise to seriously respond, [and] we will do our utmost to resume our service.” Furthermore, the company wrote:
We hope to continue [our] virtual currency exchange business in the future after conducting thorough compliance with laws and regulations and improving the management system so that we can provide services that users can use with confidence.
Campfire’s Firex
Another company has also announced the withdrawal of its application with the FSA to operate a crypto exchange. Campfire, a leading crowdfunding site in Japan, operates the cryptocurrency exchange Firex, which was launched in March of last year.
The company has voluntarily suspended its crypto exchange services. “We aimed to fully renew [our] exchange system,” Campfire wrote and elaborated:
We have been preparing to register the virtual currency exchange…However, in order to build a perfect service system in terms of customer asset protection and convenience, we decided that [a] further review of the plan is necessary.
9 Exchanges Suspended Operations So Far
