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Japanese FSA Tightens Its Grip; Two Exchanges Closing Its Doors

The Japanese regulatory organization, the Financial Services Agency (FSA), has made official today that two exchanges more have declined their registration, after being adviced to apply security upgrades to their systems, according to Nikkei Review. This happens almost a week after Binance was also probed and asked to comply regulations or cease operations in the country, as reported here.
The FSA has been vigilant this last month, applying on-site security audits to make sure that exchanges execute their security recommendations. The two exchanges that declined the process of registration were Tokyo Gateway and Mr. Exchange. These two exchanges apparently failed to meet the agency security standards and have voluntarily retired their application to be officially listed as exchanges and will cease operations later this month.
All of this happens as a consequence of the NEM hack that happened earlier this year. Coincheck, the affected exchange was also suspended after losing more than 500 million dollars worth on NEM, an altcoin. The FSA initiated then a regulatory overhaul directed to avoid these kinds of developments and restitute the trust in the industry on the country.
Japan has been one of the pioneering countries in the regulatory issue for cryptocurrencies. It has accepted cryptocurrencies as legal currencies and also regulated exchange activity by making then register and comply with several regulations. Even then, he gave authorizations to exchanges that did not pass the tests and mandated to apply correctives. Sixteen exchanges are also awaiting authorization, and some could also abandon the process due to the agency requirements. All of this, to protect investors and users from possible hacks in the near future.

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