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Japan Tightens Control over Crypto-Exchange Activities

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In order to protect the interests of investors and improve security, Japan’s currency exchange will be inspected by the regulator. The decision to conduct the audit was taken after the break-in of the Coincheck platform. As a reminder, scammers managed to steal XEM tokens worth more than half a billion dollars, as a result of the hacker’s attack. After this event, Taro Aso, the Head of the Japanese Ministry of Finance, appealed to the administrations of crypto-exchanges with a demand to strengthen their cybersecurity systems. The FSA Agency survey team was sent directly to the office of the hacked platform.

Simultaneously, other crypto-exchanges received a request from the FSA to provide information on the status of security and management systems. The regulator believes that some platforms did not provide this information in the amount which is necessary to obtain an objective picture. This raises suspicion for the reliability of used security systems. To understand the situation, the FSA decided to conduct inspections.

It should be noted that the  Coincheck administration said that it will reimburse losses caused by hackers to its users.

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