Five cryptocurrency exchanges have already closed in Japan, including Mr. Exchange and Tokyo Gateway. This comes after the largest hacker attack on the Coincheck exchange, as a result of which the equivalent of $523 million in cryptocurrency was stolen.
The Financial Services Agency of Japan has stepped up its efforts to develop a regulatory framework to regulate cryptocurrencies. This has led to some cryptocurrency exchanges' applications for licenses being canceled and their operations being discontinued.
Japan's financial regulator has stepped up control over everything related to cryptocurrency. The Japan Financial Services Agency has issued an order to temporarily suspend the activities of Mr. Exchanges. Exchange, Tokyo Gateway, biExpress, Bit Staion and Raimu.
The reason why the regulator decided to shut down the Bit Staion exchange was that a senior official of the exchange allegedly used cryptocurrency assets stored on the exchange for personal gain. The regulator could not leave such a case unpunished and ultimately closed the exchange that committed such a violation. The agency has suspended the exchange until it trains its employees and installs trading monitoring systems that will help prevent similar incidents in the future.
According to https://cryptodaily.co.uk
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