The Japanese regulator has suspended the work of several exchanges after inspections

Japan’s financial regulator – the financial services Agency (FSA) has published notification, which reports about sanctions against cryptocurrency exchanges. Some of them were suspended.

FSA initiated an inspection of cryptocurrency exchanges after January of this year from the stock exchange Coincheck has been stolen NEM tokens on 534 million dollars. At the moment it is the largest theft in the cryptocurrency space. After the authorities have declared that cryptocurrency exchanges should strengthen cyber security measures and to strengthen the system of internal control, the FSA announced inspections of cryptocurrency exchanges, including on the ground, as it was in the offices of Coincheck, where the FSA raided.

According to the ncse report, after the first phase of audits, it was decided to apply sanctions in relation to exchanges, which in the opinion of the FSA, insufficiently strengthened measures to protect clients, as well as in the fight against money laundering. None of the major exchanges were not affected by these sanctions.

The regulator will also monitor the payment of compensation to the clients of Coincheck. According to the customer contracts, the exchange must pay the victims about $ 436 million, but the timing and order of payment not yet defined.

All these events forced the 16 cryptocurrency exchanges have received licenses from the FSA, to create a self-regulating organization, which will be shared with the regulator to implement new security standards that help restore the trust of customers.

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