News

Japan’s FSA has sent business improvement orders to six cryptocurrency exchanges

The Financial Services Agency of Japan (FSA) has sent business improvement orders to 6 major cryptocurrency exchanges.

The agency 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.

Crypto exchange bitFlyer has already begun remedial measures in response to its order, halting new account registrations and reviewing user identification documentation. The exchange apologized to the users, saying it would carry out the 11-point order, which also requires it to submit a progress report by July 23.