collected by :John Locas
Japan has forced 2 cryptocurrency exchanges to halt trading as it cracks drop on an industry that was shaken recently with a $530 million cyber heist.
Related: Bitcoin plunges after SEC seeks to rein in cryptocurrenciesThose exchanges involve Coincheck, that stray an estimated $530 million from consumer accounts in a hack in late January.
Coincheck promised it would reimburse generality of the money its users stray in the hack from its own funds.
Home to 1 of the world’s biggest cryptocurrency markets, Japan is trying to figure out how to manage the recent explosion of interest in trading bitcoin and other digital currencies.
Two exchanges in India, a small however growing market for virtual money, stopped trading earlier this 7 days over fears of government regulation.
Japan to crack drop on cryptocurrency exchanges after high-profile hacks
“After the Coincheck heist, the FSA says it would investigate all cryptocurrency exchanges for safety gaps.
As a result of those checks the FSA going to order some of the unregistered exchanges to halt their operations”Japan’s crackdown on cryptocurrency exchanges comes in the wake of several high profile hacks and information breaches.
Coincheck, 1 of the largest cryptocurrency exchanges in Japan, stray an estimated $425 million in NEM tokens to hackers in January 2018.
“After the Coincheck heist, the FSA says it would investigate all cryptocurrency exchanges for safety gaps, and ordered them to file reports on system danger management and cryptocurrency storage,” Reuters reported.
Cryptocurrencies have been around for several years now, however governments are still struggling to rein in cryptocurrency exchanges and enforce strict safety regulations to protect investors.
Japan punishes 7 cryptocurrency exchanges over regulatory lapses
according to TOKYO (Reuters) – Japan punished 7 cryptocurrency exchanges, ordering 2 of them to comment business, in an effort to shore up user prevention after a $530 million (381.93 million pounds) steal of digital money from Tokyo-based Coincheck Inc earlier this year.
The exchanges involved Coincheck, served with its second such notice since it was targeted in the late-January heist, and GMO Coin, run with GMO net Inc (9449.T).
The punishments represent the FSA’s broadest response yet to concerns over safety at Japanese cryptocurrency exchanges, that were premier triggered with the 2014 collapse of the Mt.
Japan final year became the world’s premier country to regulate cryptocurrency exchanges.
Slideshow (5 Images)Five of the 7 exchanges punished with the FSA are unregistered, including the 2 forced to comment business.