Crypto Exchanges in Japan are punished, Yakuza involvement is proved

The Japanese regulator has issued business improvement orders to 6 of the country’s sixteen fully-licensed crypto exchanges as well as Bitflyer, Quoine, and Tech Bureau. at least one among the six exchanges has some style of involvement with the Yakuza. Responding to the development order, Bitflyer has halted new account registrations.

Punishing Six Regulated Exchanges : 

Japan’s prime financial regulator, the financial Services Agency (FSA), issued six new business improvement orders on Fri, June 22. The orders to Bitflyer, tech Bureau, Bitpoint Japan, Btcbox, Bitbank, and Quoine follow the agency’s 1st rejection of a crypto exchange registration on June seven.

Bitflyer, Japan’s largest crypto exchange by volume, received an “administrative penalty” order. The agency aforesaid that after an scrutiny, “an effective management system has not been established to confirm correct and reliable operation of the business, as well as countermeasures against money laundering and terrorist funding.” The exchange should submit a written document to the agency by July twenty three. The regulator elaborated:

The other 5 crypto exchanges received similar orders. Japan presently has sixteen fully-licensed exchanges. Previously, the sole regulated exchanges to receive business improvement orders from the FSA were Tech Bureau, that operates Zaif exchange, and GMO Coin. Today’s order is the second tech Bureau has received.