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Japan to order bitFlyer and other cryptocurrency services to shape up

Watchdog's tough stance takes into account exchanges' fast-growing assets

Japan's financial watchdog sees flaws in exchanges' management systems, including anti-money laundering measures.   © AP

TOKYO -- Japan's Financial Services Agency has decided to issue business improvement orders to more than five registered cryptocurrency exchange operators, including bitFlyer and Quoine.

Upon inspections, the agency concluded there were flaws in the exchange operators' internal management systems, such as measures to prevent money laundering. The FSA intends to hand down the improvement orders by the end of this week.

The other targeted exchange operators include Bitbank, BITPoint Japan and BtcBox.

The agency is adopting a tougher stance as the exchanges' client deposits grow rapidly.

BitFlyer has drawn investment from QUICK, a Nikkei group company.

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