Japan's bitFyer boosts verification measures on FSA statements

Posted 12 April, 2018

Japan's major crypto platform bitFlyer will revise user verification requirements considering comments of the Financial Service Agency.

According to the news reports, the company stated that beginning from April 26 online-registered users would no longer be able to trade cryptocurrencies and withdraw Japanese yen until they confirm identity via the notice of exchange letter receipt. Moreover, bitcoin payments for goods through bitFlyer will be also suspended.

The exchange is said to take these measures after the media reports that FSA is concerned about weak monitoring of verification requirements compliance on bitFyer.

As commented FSA spokesperson, the platform's clients can commence trade just after sending scanned ID, while the platform in its turn cannot completely confirm the received personal data. Thus, the regulator believes that the exchange can be used for money laundering.

Meantime, bitFyer is reportedly ready to closely cooperate with FSA for boosting measures against money laundering. 

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