The financial regulator of Japan has imposed sanctions on three companies of the exchanges of crypto-currencies after various inspections of the various platforms in the country. Two of them were forced to suspend their operations. The officials of this financial authority has not been satisfied of the measures put in place to prevent money laundering.
Strict measures for recurrence
The platforms for exchange of digital currencies FSHO, Eternal Link and Lastroots have been sanctioned by the authority of japan. This last one was imposed upon them to improve their business practices. This announcement has been made by the authority, financial regulations of Japan in the framework of inspections in the course of the business of exchanges. These measures have been taken, because the procedures put in place to prevent money laundering by these platforms have been found to be unsatisfactory.
Check out below the details of this announcement in English :
The financial regulator of japan has ordered two companies to suspend their operations for two months. Eternal Link has already stopped its activities since the 6 April. For FSHO, the suspension took effect on April 8. As to Lastroots, he will have to improve its practices. The minister of Finance japan should submit the full reports of the investigations conducted by the regulatory authority.
Decisions taken after a huge hacking
The financial regulator has undertaken its investigations following the attack of Coincheck in January. Hackers have stolen close to $ 550 million. The investigations are still ongoing. Experts in cyber security have warned that half of the stolen funds on Coincheck had already been laundered.
The theft of crypto-currencies has become a major security problem in Japan. Last year, $ 6.3 million of the virtual currency were stolen, and that was before the hack of Coincheck. The japanese authorities have decided to create a centre dedicated to fighting cyber crime, including the theft of crypto-currencies.
Source : NewsBitcoin