Zaif Halts New Memberships

Osaka-based crypto exchange Zaif, among the 16 crypto exchanges in Japan, has suspended signing up new members. “We chose to temporarily stop accepting new membership enrollment at 21 o’clock on September 28,” Zaif’s operator, Tech Bureau, announced Friday. The company clarified,”Clients who are waiting for registration, such as being already in the process of identity verification by applying for membership registration, will enroll as usual as a member,” adding:

We are responsible for recovering the damage to all customers who were victimized by the current money outflow, but to do so, [we want ] to focus our internal resources.

Zaif was hacked on Sept. 14 but the breach was not found until Sept. 17. The total damage is estimated to be approximately 7 billion yen (~$62 million). Tech Bureau claims that roughly 5,966 BTC, 42,327 BCH, and 6,236,810 MONA were stolen and casino games gametwist casino. The nation’s Financial Services Agency (FSA) has issued the company a third business improvement order.

Bitflyer’s Overhaul

Bitflyer announced Monday, Oct. 1, a change in the business’s organizational structure. “Today marks the establishment of the holdings company, Bitflyer Holdings Inc.,” the firm announced. Bitflyer Inc., which operates Japan’s largest crypto exchange,”has become a wholly-owned subsidiary of Bitflyer Holdings Inc. by means of a stock exchange.” In a joint announcement, Bitflyer Inc. and Bitflyer Holdings Inc. clarified,”Everyone will be able to use our services and transaction just as they always have,” noting:

The purpose for creating a holdings company is to separate operational and administrative functions, to clarify the duties and obligations of each job, to strengthen corporate governance, and to produce a more thorough compliance structureCryptogames content all crypto talk sign Cryptogames sign up June 22, Bitflyer Inc. halted new account registrations after it was issued a business improvement order by the FSA. “In order to maximize our efforts towards building a suitable service and improving on the topics identified, we have voluntarily and temporarily suspended the onboarding of new customers,” the exchange explains on its website.

With the institution of the holdings company, Yuzo Kano has stepped down as the representative director of Bitflyer Inc. to become the CEO of Bitflyer Holdings Inc.. Nobuyoshi Suzuki from Mitsui Bank Ltd has been appointed the new representative director of Bitflyer Inc..

Self-Regulatory Plans

On Sunday, Sept. 30, Jiji Press reported that the Japan Virtual Currency Exchange Association (Jvcea)”will set a ceiling on the amount of digital monies handled online,” citing unnamed sources. Members of the association are the 16 crypto exchanges, including Bitflyer and Zaif. The group has filed for accreditation with the FSA to become an organization that can enforce. That was added by the news outlet according to the sources:

The ceiling is likely to be around 10 to 20 percent of customer deposits.

The group was established in response to Coincheck’s hack and has been working on implementing self-regulation. With the hack of Zaif, the team”intends to tighten self-regulatory measures it follows on the management of customer assets,” the publication described. The information outlet further detailed that the group”will shortly revise the self-imposed rules, drawn up in July, and implement them once it is certified by the Financial Services Agency.”

FSA’s Priority Report

The FSA published a report entitled Financial Services Policy: Assessments and Strategic Priorities 2018 on Wednesday, Sept. 26.

The agency revealed that based on data of 14 controlled crypto exchanges and three deemed providers obtained from the Jvcea, 81.6 percent of all crypto transactions going through these exchanges are”margin or future trading.” Meanwhile, 18.4 percent are spot trading. Deemed providers are exchanges that were permitted to operate in Japan while their applications are still being reviewed by the bureaubitcoin high limit casino games best bitcoin casino uk Japan now has a total of Lastroots, Coincheck three deemed providers, and the Bitcoin of Everybody.

In its report, the FSA shows that it will”Tighten registration screenings and monitoring, due to issues found in inspections,””Review certification applications ready by self-regulatory organizations and encourage them to achieve the early establishment of the self-regulating function,” and”Lead the discussion for international cooperation to form regulations as the chair of the G20 in 2019.”

What do you consider the developments in Japan? Tell us in the comments section below.

Images courtesy of Shutterstock, Japan’s FSA, Zaif, and Bitflyer.

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Source: bitcoincasinoreview.net