Zaif Halts New Memberships

Among the 16 controlled 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 Business clarified, »Clients who are waiting for registration, such as being already in the process of identity verification by applying for membership registration, will enroll as usual as a member, » adding:

We’re responsible for recovering the damage to all existing customers who were victimized by the money outflow that is digital that is current, but to do so, [we need] to focus our resources that are internal.

Zaif was hacked on Sept. 14 but the breach was not discovered until Sept. 17. The total damage is estimated to be approximately 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 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 means of a stock transfer. » 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 clarify the duties and obligations of each function, to strengthen corporate governance, and to create a more thorough compliance arrangement1Xbit Casino 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 issues 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 currencies managed online, » citing unnamed sources. Members of the association are the 16 crypto exchanges, including Bitflyer and Zaif. The group has filed to become a company that can legally enforce. That was added by the information outlet according to the resources:

The ceiling is likely to be around 10 to 20 percent of customer deposits.

The team was established in response to Coincheck’s hack and has been working on implementing self-regulation. With the hack of Zaif, the team »intends to tighten self-regulatory steps it follows on the management of customer assets, » the publication described. The news outlet further detailed that the group »will shortly revise 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 potential trading. » Meanwhile, 18.4 percent are spot trading. Deemed providers are exchanges which were permitted to operate in Japan while their applications are still being reviewed by the bureau7bit review Japan 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 observation, taking account of issues found in inspections, » »Review certification applications prepared by self-regulatory associations and encourage them to attain the early establishment of the self-regulating function, » and »Lead the discussion for international collaboration 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.

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Source: bitcoincasinoreview.info