FSA Slams Another Crypto Exchange with Business Improvement Order
The Japanese financial Services Agency (FSA) has slammed yet another cryptocurrency exchange with a business improvement order for its non-compliance to the Japanese law.
On Wednesday, the Tokyo-based cryptocurrency trading platform, Everybody’s Bitcoin Inc. received an official warning from the FSA, impelling them to improve on the standards of their business operation.
According to the FSA, the business was found to be non-compliant with the Japanese laws and regulations, also its management control system was inefficient to ensure proper operation of business.
The exchange has been ordered to take the necessary measures against money laundering and terrorist financing, prepare and preserve statutory books and provide appropriate information to users.
The order follows an on-site inspection by the Kanto Local Finance Bureau (a regional department of Japan’s Ministry of Finance) after the exchange submitted its system risk management report to the FSA. The exchange is allowed to operate while its application is being reviewed by the agency.
Earlier this week, the Japanese Crypto Exchange Association-of which Everybody’s Bitcoin Inc. is a member- held its first meeting in which they appointing a Chairman and two vice Chairmen. However, the Japanese government has yet to recognize the group as a self-regulatory organization.
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