Japanese Financial Services Agency Investigates Huobi And Fisco

Rgulation by FSA

A Reuters report on Tuesday indicated that two crypto exchanges, Huobi and Fisco were investigated last week in Japan. The exchanges were visited by the Financial Services Agency to assess their anti-money laundering (AML) policies and customer protection technology practices.

The two exchanges were noted to have seen some big changes at management levels recently prompting the need from the agency’s point of view to be investigated for adequate compliance.

As at last September, Huobi Group had extended its trading services to Japan when it acquired BitTrade, a licensed cryptocurrency exchange.

Similarly, Fisco had recently rescued Zaif from liquidation through an acquisition that cost $44.7 million. Under its former ownership Tech Bureau, Zaif had last September suffered a security breach which resulted in the loss of $62.5 million in value in BTC, BCH, and Monacoin (MONA).

Due to recentl cases of exchange hacks in involving Japanese firms, the country’s financial regulator has since taken tough measures to ensure that financial policies are strictly adhered to by service providers.

In their quest to achieve success in cryptocurrency regulations, Japan was reported to have put together a handbook of cryptocurrency regulations that would be reviewed in June during the G20 summit in Osaka.

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Author: Dare Shonubi

Dáre Shonubi is a certified cryptocurrency expert and Blockchain journalist with an extensive experience in blockchain project marketing, media engagement, community management and cryptocurrency market analysis and research. An avid blockchain enthusiast with a view to support the blockchain innovation to optimum adoption and immeasurable development. Dare holds a diploma in the study of blockchain and cryptocurrency.

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