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Japan regulator punishes 7 cryptocurrency exchanges over security

Two unregistered operators hit with business suspension orders

Nikkei staff writers | Japan

TOKYO -- Japan's financial watchdog on Thursday announced that seven cryptocurrency exchange operators have been penalized for failing to adequately protect customers and prevent money laundering.

Two exchange operators, FSHO and BitStation, have been ordered to suspend their operations from Thursday through April 7. Five others -- Tech Bureau, GMO Coin, Bicrements, Mr. Exchange and Coincheck, which lost roughly $550 million worth of NEM cryptocurrency in a hacking attack in late January -- have been handed business improvement orders.

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