Six cryptocurrency exchanges have been sent business improvement orders by Japan's financial regulator. The Financial Services Authority has called for a risk management overhaul, focused on anti-money laundering and know-your-customer requirements, from BTC Box, Bit bank, bitFlyer, Bit Point, Tech Bureau and Quoine. According to press releases listed on its website, the FSA has demanded a risk management overhaul - centered on anti money laundering (AML) and know-your-customer (KYC) requirements - from bitFlyer, Quoine, BTC Box, Bit Bank, Tech Bureau and Bit Point. Bitcoin is the most popular digital currency in Japan, with over 1 million users as of March 2017. The FSA policy of "administrative penalties" for Japan's crypto-exchanges started after Coincheck's $530m hack earlier this year.
Six cryptocurrency exchanges have been sent business improvement orders by Japan's financial regulator. The Financial Services Authority has called for a risk management overhaul, focused on anti-money laundering and know-your-customer requirements, from BTC Box, Bit bank, bitFlyer, Bit Point, Tech Bureau and Quoine. Bitcoin is the most popular digital currency in Japan, with over 1 million users as of March 2017. The FSA policy of "administrative penalties" for Japan's crypto-exchanges started after Coincheck's $530m hack earlier this year.