ArrowArtboardCreated with Sketch.Title ChevronCrossEye IconIcon FacebookIcon LinkedinShapeCreated with Sketch.Icon Mail ContactPath LayerIcon MailMenu BurgerPositive ArrowIcon PrintIcon SearchSite TitleTitle ChevronIcon Twitter
Cryptocurrency

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.

You have {{numberReadArticles}} FREE ARTICLE{{numberReadArticles-plural}} left this month

Subscribe to get unlimited access to all articles.

Get unlimited access
NAR site on phone, device, tablet

{{sentenceStarter}} {{numberReadArticles}} free article{{numberReadArticles-plural}} this month

Stay ahead with our exclusives on Asia; the most dynamic market in the world.

Benefit from in-depth journalism from trusted experts within Asia itself.

Try 3 months for $9

Offer ends September 30th

Your trial period has expired

You need a subscription to...

See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

See all offers
NAR on print phone, device, and tablet media