Japan Exchanges Suspended Due to Security Concerns

The Japanese financial watchdog organization announced today that they will suspend two crypto-exchanges due to lax security procedures, according to this source. The suspension will be effective for one month since the day of the announcement.
The two exchanges suspended were FSHO and Bit Station, in a procedure that probed all registered exchanges security systems. The FSA (Financial Services Agency) also inspected more exchanges, and issued security recommendations for at least 5 other companies: Tech Bureau, GMO Coin, Mister Exchange, Bicrements as well as Coincheck. This regulatory overhaul seeks to restore trust in digital exchanges after January Coincheck’s hack, when one of the probed exchanged was hacked and lost more than 500 million dollars worth of NEM, an altcoin.
The named exchanges were required to issue a plan to increase and improve security measures, and deliver a resume of this by March 22.
Japan has been one of the pioneers on the cryptocurrency issue, legalizing cryptocurrencies and regulating exchanges. Now the FSA seeks to prevent another hack, and protect users via direct action. It seems a trend, now that the SEC has also mandated registry of exchanges in the USA.

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