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6/22/2018, 11:24 AM (Source: TeleTrader)
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Regulatory order pauses bitFlyer's account creation

After the Financial Services Agency in Tokyo ordered Japan's largest cryptocurrency marketplace operator to step up security and conduct a management overhaul, the company suspended the creation of new accounts on Friday. Issues which led to regulatory action in bitFlyer include the lack of mechanisms to comply with rules against money laundering and financing of terrorism, while the system against breaches was also deemed insufficiently strong.

The market watchdog has said it found bitFlyer is focused on cutting expenses and that the firm's leadership isn't controlling its activity in an effective manner. The exchange acknowledged the challenges are "serious." FSA simultaneously sent similar orders to five other entities in the cryptocurrency sphere.

Breaking the News / IT