CryptoNews Of The Day: Today's Fud In The Crypto Markets Has an Asian "Flavor" In It And The Name Of Yakuza Floats Above One Japanese Exchange

Soon after the Coincheck's famous $530 million hack occurred in January the FSA(Financial Services Agency of Japan) began a round of “administrative penalties” for Japanese exchanges that continues till date. After receiving such penalties from the FSA some of the Japanese crypto exchanges , like Bit Station and FSHO have even closed their business while Coincheck received stringent supervisory.

Today's FUD seems to have been "created" by the Japanese Financial Services Agency which imposed business improvement orders to Tech Bureau, Btcbox, Bitflyer, Bitpoint Japan, Quoine and Bitbank which are six of the sixteen fully licensed exchanges from Japan.

Moreover the FSA found that Bitflyer, the largest crypto exchange by trading volume from Japan, has not taken any measures against money laundering and terrorist financing thus receiving an “administrative penalty”. It is also stated by bitcoin.com that the exchange will have to present a written report regarding the measures taken to the FSA by July 23.

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Bitflyer already complies with the FSA requests and halts any new user registrations while re-checking the existing ones and of course apologizing to its customers for the inconveniences.

"If defects and deficiencies are confirmed within a customer’s registration information by any chance, it will be necessary to re-implement the person’s confirmation process. Therefore, in some cases, we ask visitors to re-present their identity confirmation documents, so we are sorry for any inconvenience."

On the other hand one of the above mentioned exchanges, not "named" by the FSA, has been found to have some kind of involvement with Yakuza, a famous organized group from Japan.

"The FSA found that some companies do not have an updated database for screening the individuals who sign up…We strongly recommend those companies to remove all ties with anti-social forces [organized crime groups]."

Bottom line, despite prices in the crypto market dipping almost every month and making "weak hands" sell at much lower prices comparing to December ATHs it seems that the "crypt world" matures itself along with the exchanges through regulatory measures that aim to create a secure and transparent environment for traders and investors.

References:
https://news.bitcoin.com/japan-penalizes-crypto-exchanges-yakuza-involvement-confirmed/
https://cointelegraph.com/news/japan-hits-6-more-crypto-exchanges-with-business-improvement-orders

Thanks for your attention,
Ace