Japanese Cryptocurrency Exchange Mr Exchange (Ripple) announces "business improvement order of the Fukuoka Local Finance Branch Bureau against the Company"
An email sent out yesterday to users of the Japanese exchange "Mr. Ripple" announcing mandates from the Japanese government.
A rough translation is as follows:
For business improvement order of the Fukuoka Local Finance Branch Bureau against the Company
Co., Ltd. Mr. Exchange, today received a business improvement order based on the 16 laws of the Article 63 on the financial settlement from the Fukuoka Local Finance Branch Bureau.
In our company, we are receiving the current measures solemnly and sincerely, deeply with the reflection, maintenance and strengthening of business management systems, protection of user-like property, thorough separation management of the user-like property with our property, systems and maintenance and strengthening of the risk management system effectiveness of certain about the information assets, maintenance and strengthening of the management system related to anti-money laundering and terrorist financing, as well as, the development of user-like support readiness, our company operates a voice of the user like thorough preparations to be reflected to, is willing to pay allowed to immediately proceed with strengthening.
Regarding the assets entrusted to us from our customers, based on the current pointed out along with the make the appropriate management, with the aim of further improvement of the management system, we will continue the safety of your property taken steps to top priority.
Once again, to everyone of stakeholders, including customers, apologize from the bottom of my heart that it was to hear a great deal of inconvenience, I worry. Promptly with to improve the business, so that you regain early confidence in the customers of our company even one day, is smitten strive willing.
• The contents of the business improvement order
- Construction of business management systems (function of internal management department and internal audit department, including the construction of readiness that can be fully exhibited)
- Building a separation management system of the user's property
- Construction of the system risk management system
- Construction of the management system related to money laundering and terrorist financing
Construction of 5. grievance management system
Matters from the 1 to 5, the contents of the measures taken until 2018. March 22, be reported in writing.
While the message isn't entirely clear in the translation, it's quite obvious the company has been hit with some large demands from the government. In case you were wondering about the name, yes, Mr. Exchange's maiden name was Mr. Ripple.