The Japanese Financial Services Agency (FSA) sent “punishment notices” to seven crypto exchanges.
- BitStation, accused of diverting customers’ Bitcoins for personal use, was ordered to shut down in one month.
- Crypto exchange, FSHO, has also been ordered to cease operations in one month.
- Following Coincheck’s $500 million NEM hack, all crypto exchanges are now required to submit reports detailing their security and risk management systems and protocols.
- Four additional exchanges–Tech Bureau, GMO Coin, Bicrements, and Mr. Exchange—were punitively hit with business improvement orders, as each have been criticized for inadequate security protocols and systems.
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