Japan's regulator announced inspections of unlicensed cryptocurrency platforms

Posted 16 February, 2018

On Friday, February 16, Tokyo announced that it has planned to check 15 unlicensed cryptocurrency platforms considering the largest heist that hit Tokyo-based exchange last month.

The local news agency reported citing Japan's Financial Minister that the government would send an inspection team to exchange providers that are yet to receive approval for operations.

Tokyo's strict position is related to the recent hack of the Coincheck. As it was reported earlier, the exchange in Tokyo was hacked last month and thus lost NEM coins for $533 million.

Earlier, Japan's Financial Services Agency instructed all exchange platforms in the country to submit complete reports on their security status and resistance to hacking. After studying all the reports the FSA has decided to check all unlicensed platforms.

Commenting on the details of the inspections, the minister reportedly said that the inspections will be aimed at technical safety and funds management at the exchanges.

It is worth mentioning, that the Coincheck did not get a license from the FSA, though was allowed to work during the review process. After the hacking, the Coincheck was required to check and detect security weaknesses and holes used by the hackers, develop the upgrade plan with further reporting to the regulator, according to the news report.

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16 February, 2018 17:02

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