HomeCryptocurrency NewsBitcoinist.com

BitFlyer Halts New Account Signups As Regulators Demand Improvements

Japanese cryptocurrency exchange BitFlyer suspended new account registrations on June 21, after regulators demanded it improves its security...

Bitcoin Beating Tesla Stock (TSLA) by 52% So Far in 2019
Trump May Affect Bitcoin Price With Herman Cain Pick
Casa Node Review: A True Plug-n-Play Lightning Network Node (Kinda)

Japanese cryptocurrency exchange BitFlyer suspended new account registrations on June 21, after regulators demanded it improves its security arrangements.


BitFlyer Hit With AML/KYC Cleanup

A tweet and statement confirmed the move, which officials implemented as part of a Business Improvement Order from Japan’s Financial Services Authority (FSA). The statement reads:

We apologize to all concerned and the customers who have caused a great deal of worry and inconvenience due to this business improvement order.

BitFlyer joins a raft of Japanese exchanges which regulators have demanded change their business practices as part of an industry-wide cleanup following Coincheck’s $530 million hack in January.

While that industry is expanding at a blistering rate, extant operators have variously halted operations, received fines, or shut down completely after investigators reviewed their setups.

Demands Focus On Risk Management

BitFlyer’s order contains broadly similar requirements to that which Coincheck received following January’s exploit, including the mandatory submission of an improvement plan — which officials should submit by July 23.

The FSA identified a further eleven steps:

  1. Follow measures to ensure the proper and reliable operation of the business
  2. Immediate review of management system
  3. Establishment of a risk management system for money laundering and terrorist financing
  4. Establishment of a management system related to elimination of antisocial forces, etc.
  5. Establishment of a system for separating and managing user property and management of books and documents
  6. Establishment of a management system related to user protection measures
  7. Build a platform risk management system
  8. Establishment of a management system for the safe storage of user data
  9. Build a management system to respond appropriately to complaints and consultation from users
  10. Building a risk management system related to handling of new virtual currency
  11. Receive verification by a third-party organization regarding the appropriateness and effectiveness of the improvement contents of 1 to 9 above.

For users, the effect of the changes may manifest in the need to resubmit identification documents or provide additional ones.

While Japan has yet to see another exchange hack, South Korea became the latest victim of malicious attacks this week when its largest exchange, Bithumb, confirmed the loss of around $30 million.

What do you think about BitFlyer’s AML/KYC obligations? Let us know in the comments section below! 


Images courtesy of Twitter/@bitFlyer.

The post BitFlyer Halts New Account Signups As Regulators Demand Improvements appeared first on Bitcoinist.com.



from Bitcoinist.com https://ift.tt/2tvpdHi
Name

Bitcoin News,5117,Bitcoinist.com,4741,Cryptocurrencies,4741,Cryptocurrencies Latest News,5117,Cryptocurrency Latest News,4741,Cryptocurrency News,9858,
ltr
item
Cryptocurrency Latest News: BitFlyer Halts New Account Signups As Regulators Demand Improvements
BitFlyer Halts New Account Signups As Regulators Demand Improvements
Cryptocurrency Latest News
http://cryptocurrencylatest.blogspot.com/2018/06/bitflyer-halts-new-account-signups-as.html
http://cryptocurrencylatest.blogspot.com/
http://cryptocurrencylatest.blogspot.com/
http://cryptocurrencylatest.blogspot.com/2018/06/bitflyer-halts-new-account-signups-as.html
true
1236144943044321696
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy