Bit Station and FSHO crypto currency exchanges suspended by FSA in Japan

The Japanese Financial Services Agency (FSA) has decided to suspend operations at Bit Station and FSHO because they lacked the proper and required internal control systems, reported Reuters. The suspension of trade starts off today and will last one month.

© FSA

FSA punished seven cryptocurrency exchanges and suspended the mentioned two after the $530 million theft of digital money from Tokyo-based Coincheck.

The santions come in an effort to enhance consumer protection in the Japanese crypto currency market.

FSA sent business improvement orders to Coincheck and six other exchanges, saying all of them lacked the proper and required internal control systems.

Bit Station has been allowed to operate on a provisional basis, but dropped the application to become an authorized exchange.

Coincheck lacked a proper internal control system to avoid money laundering and terrorism financing.

Koichi Wada (President and Representative Director Coincheck). © Coincheck

The company said in an official communication published today: “Coin Check Co., Ltd. received a commercial improvement order from the Financial Services Agency under Article 63-16 of the Fund Payment Act today in relation to the illegal sending of the NEM virtual currency due to non-access authorized occurred recently.

We take this measure so solemnly and seriously as to feel deep remorse and fundamentally review the internal control system and the management management system, etc.to guarantee a correct and reliable commercial operation from the point of view of client protection. We will continue reviewing the management strategy that protects us completely.”

FSA assures that this cryto currency trading market has enough money to return all that was stolen by the hacker.

Image over the headline.- © Coincheck

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