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Japanese FSA Halts Two Cryptocurrency Exchanges

By

Matthew

De Silva

WriterETHNews.com

On Friday, the Financial Services Agency continued its crusade against noncompliant cryptocurrency exchanges.

On April 6, 2018, Japan's Financial Services Agency (FSA) ordered cryptocurrency exchange Eternal Link to cease its operations effective immediately and demanded that FSHO suspend its business by Sunday, April 8. Per Reuters, both Eternal Link and FSHO were told to suspend their businesses for two months

According to CNN, last month, the FSA instructed FSHO to cease trading activity for 30 days as the exchange was suspected of not providing adequate protections for its customers. Today, the Nikkei Asian Review reported that the FSA also issued a "business improvement order" to a third exchange called Last Roots.

All three companies are part of a recently-formed, FSA-approved self-regulatory organization, comprised of 16 Japanese cryptocurrency exchanges. After the catastrophic Coincheck hack, the FSA has ramped up its regulatory efforts toward cryptocurrency businesses.

In March, the FSA hosted a meeting for central banks, financial regulators, and academic institutions to discuss blockchain technology.

Matthew De Silva

Matthew is a full-time staff writer for ETHNews with a passion for law and technology. In 2016, he graduated from Georgetown University where he studied international economics and music. Matthew enjoys biking and listening to podcasts. He lives in Los Angeles and holds no value in any cryptocurrencies.

ETHNews is committed to its Editorial Policy

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