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More Japanese cryptocurrency exchanges to close

Fallout from Coincheck hack has felled five companies and counting

Cryptocurrencies have proliferated, as have exchange operators, but the sector is facing a shakeout in Japan. (Photo by Wataru Ito)

TOKYO -- Two more Japanese cryptocurrency market operators are quitting as regulators tighten oversight of the sector, which makes five exchanges closing so far in the wake of a half-a-billion-dollar cryptocoin theft in January.

Tokyo GateWay and Fukuoka-based Mr. Exchange are withdrawing their applications to register with Japan's Financial Services Agency as exchange operators. The FSA on March 8 ordered both to improve their data security and other safeguards after they were found to be lacking.

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