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Two Japanese Crypto-Exchanges Suspended by Regulator

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Japanese regulator FSA ordered to suspend the operation of two crypto-exchange platforms. They are the Bit Station and FSHO exchanges. In accordance with the order, the administrations of these exchanges need to take measures to raise the level of internal security systems within 30 days. In addition, Bit Station is accused of improper use of customer funds. The site was given a temporary permission to conduct business, but the application for a license was withdrawn.

The regulator is also currently considering 5 other crypto-exchanges: Coincheck, Mr. Exchange, Bicrements, GMO Coin, and Tech Bureau. These sites should develop a plan of work to improve the effectiveness of their own security systems, and provide it to the FSA by March 22.

These regulations are caused by problems in the security systems of crypto-exchanges. In January, a large amount of funds in XEM digital currency were stolen by hackers from the Coincheck site. The administration reported a damage equivalent to 58 billion yen. After that, the regulator checked the site, its financial position, and the reliability of the security system. In February, the exchange provided the regulator with a report to plan work aimed at improving the situation.

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