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Business

Japan's Financial Services Agency to bar virtual currency trader

First-ever move aimed at showing its resolve to create sound trading environment

Japan's Finance Ministry plans to ban virtual currency trader FSHO from operating after finding insufficient customer verification systems.

TOKYO -- Japan’s Financial Services Agency is set to reject the registration of a virtual currency exchange operator, the first time it has done so.

The decision follows the ministry’s conclusion that Yokohama-based FSHO lacks the necessary systems to operate its business.

By barring an exchange operator that it has found to be substandard, the agency aims to demonstrate its determination to re-establish a sound currency trading environment in Japan.

FSHO was previously issued a business suspension order by the agency, which found that the exchange did not sufficiently verify the identity of customers in transactions where crime is suspected, or in cases where customer deposits may be diverted.

The suspension period is due to end Thursday, after which the agency will bar the exchange from operating and deny its registration.

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