Zaif Halts New Memberships
Crypto exchange Zaif, one of the 16 crypto exchanges in Japan, has suspended signing up new members. “We decided 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 registration, such as being already in the process of identity verification by applying for membership registration, will register as usual as a member,” adding:
We’re responsible for recovering the harm to all customers who were victimized by the current money outflow that is virtual, but to do so, [we want ] to concentrate our resources.
Zaif was murdered on Sept. 14 but the breach was not discovered 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 country’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 company’s organizational structure. “Today marks the institution of the holdings company, Bitflyer Holdings Inc.,” the company announced. Bitflyer Inc., which operates Japan’s largest crypto market,”has turned into a wholly-owned subsidiary of Bitflyer Holdings Inc. by way of a stock exchange.” In a joint announcement, Bitflyer Inc. and Bitflyer Holdings Inc. explained,”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 operational and administrative functions, to describe the duties and obligations of each function, to strengthen corporate governance, and to create a more thorough compliance arrangementTrusted bitstarz casino June 22, Bitflyer Inc. halted new account registrations after it was 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 establishment of the holdings company, Yuzo Kano has resigned 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 currencies managed online,” citing unnamed sources. Members of the association are the 16 controlled crypto exchanges, including Bitflyer and Zaif. The group has filed to become a company that can legally enforce self-regulation on its own members. The news outlet added that according to the sources:
The ceiling is very likely to be around 10 to 20 percent of customer deposits.
The team has been working on implementing self-regulation and was established in response to Coincheck’s hack in January. With the hack of Zaif, the team”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’s 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 trades and three deemed providers obtained from the Jvcea, 81.6 percent of all crypto transactions going through these exchanges are”margin or future trading.” Meanwhile, 18.4 percent are spot trading. Deemed providers are exchanges which were allowed to operate in Japan while their applications are still being reviewed by the bureauonline casino accepts bitcoin best online bitcoin casino bakara Japan has a total of Coincheck, Lastroots three deemed providers, and Everybody’s Bitcoin.
In its report, the FSA reveals that it will”Tighten registration screenings and observation, due to issues found in reviews,””Review certification applications ready by self-regulatory organizations 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 consider the developments in Japan? Let us know in the comments section below.
Images courtesy of Shutterstock, Japan’s FSA, Zaif, and Bitflyer.
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Source: bitcoincasinoreview.info
