Last week, the Japanese Financial Services Agency (FSA) issued orders to six fully-licensed crypto exchanges to improve their work. The regulator spent the last few months inspecting trading platforms, and as a result, the agency published orders to improve its work for six crypto-instruments on the website. QUOINE, BitFlye, Bit Bank, BTC Box Corporation, Bit Point, and the Tech Bureau have received instructions from them.
Recently, all six exchanges replied to the regulator while two vice presidents of The Japan Virtual Currency Exchange Association (JVCA) resigned from their posts upon receiving FSA orders, bitcoin.com reported today.
JVCA was formed right after the infamous Coincheck hacker attack in order to build trust among the public and includes 16 crypto exchanges. JVCA made an announcement regarding the resignations:
“In response to the fact that the vice chairmen of the association, Yuzo Kano and Hiroyuki Noriyuki, representative directors of Bitflyer Co. Ltd. and Bitbank Corporation, received business improvement orders concerning their virtual currency exchange businesses, we inform you that we have received resignation requests from both of the vice presidents on this date and have accepted them.”
The association has also promised to do their best to protect the interests of their users along with building a trustable development for the industry of crypto exchanges. JVCA underlined that they would like to create their own regulation rules for crypto markets.
Bitflyer, Bitpoint Japan, Btcbox, Bitbank, Quoine, and Tech Bureau crypto exchanges replied to the issued orders more or less within the same context agreeing to develop better verifications, improve management systems, and tighten the checks on users.
By Nadya Astam