Zaif Halts New Memberships
One of the 16 crypto exchanges in Japan, osaka-based crypto exchange Zaif, 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 company clarified,”Clients who are waiting for enrollment, such as being already in the process of identity verification by applying for membership registration, will enroll as usual as a member,” adding:
We are responsible for recovering the damage to all present customers who were victimized by the current virtual currency outflow, but to do so, [we need] to focus our internal resources.
Zaif was hacked on Sept. 14 but the breach wasn’t found 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 nation’s Financial Services Agency (FSA) has issued the company a third business improvement order.
Bitflyer’s Overhaul
Bitflyer announced Monday, Oct. 1, a change in the business’s organizational structure. “Today marks the establishment of the holdings company, Bitflyer Holdings Inc.,” the firm announced. Bitflyer Inc., which operates Japan’s biggest crypto market,”has turned into a wholly-owned subsidiary of Bitflyer Holdings Inc. by way of a stock exchange.” In a joint statement, Bitflyer Inc. and Bitflyer Holdings Inc. clarified,”Everybody will be able to use our services and transaction just as they always have,” noting:
The purpose for creating a holdings company is to separate administrative and operational purposes, to describe the duties and obligations of each function, to strengthen corporate governance, and to create a more thorough compliance structureBITCOIN LOTTERY app June 22, Bitflyer Inc. halted new account registrations after it had been 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 website.
With the institution of the holdings company, Yuzo Kano has stepped down 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..
Self-Regulatory Plans
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 managed online,” citing unnamed sources. Members of the association are the 16 crypto exchanges, such as Zaif and Bitflyer. The group has filed for accreditation with the FSA to develop into an organization that can legally enforce. That was added by the information outlet according to the sources:
The ceiling is likely to be around 10 to 20 percent of customer deposits.
The group has been working on implementing self-regulation and was established in response to the hack of Coincheck. 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 news 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 controlled crypto exchanges and three deemed providers obtained from the Jvcea, 81.6 percent of all crypto transactions going through these trades are”margin or future trading.” Meanwhile, 18.4 percent are spot trading. Deemed providers are exchanges which have been allowed to operate in Japan while their applications are still being reviewed by the bureau1Xbit Casino app Japan currently has a total of three deemed providers: Coincheck, Lastroots, and Everybody’s Bitcoin.
In its report, the FSA shows that it will”Tighten registration screenings and monitoring, taking account of issues found in reviews,””Review certification applications ready by self-regulatory associations and invite them to achieve the early establishment of the self-regulating function,” and”Lead the discussion for global cooperation to form regulations as the chair of the G20 in 2019.”
What do you think of the developments in Japan? Let us know in the comments section below.
Images courtesy of Shutterstock, Japan’s FSA, Zaif, and Bitflyer.
Have to calculate your bitcoin holdings? Check our tools section.
Source: bitcoincasinoreview.info
Loading ...