Japanese Regulator Inspects Two Crypto Exchanges

Asia Japan

The Financial Services Agency (FSA), Japan’s financial regulator, has inspected two of the country’s crypto exchanges in order to boost security.

According to anonymous sources quoted by Reuters, FSA inspectors paid unexpected visits to two Japanese crypto exchanges to examine their customer protection and anti-money laundering measures.

The unscheduled on-site inspections were performed at Huobi Japan and Fisco Digital Asset Group (FDAG). Both inspected exchanges have recently undergone key changes in their management.

Reuters sources revealed that the inspections were also intended at ensuring legal compliance of the exchanges’ management reshuffle.

The results of the inspections have not been made public and the exchanges’ representatives declined to comment on the development.

The inspections follow FSA’s recent moves to improve the exchanges’ security by setting new standards for cryptocurrency storage within so-called “cold wallets”

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

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