Japan: Business improvement order to 6 exchanges, Quoine expects 2 months of work

22 Jun, 2018
by Jelmer van der Dussen
Breaking News
Japan: Business improvement order to 6 exchanges, Quoine expects 2 months of work

The Japan Financial Services Agency has announced today that a business improvement order has been issued to six exchanges: Quoine, bitFlyer, BitBank, BTCBox, TechBureau and BitPoint. The FSA wants the exchanges to improve measures against money laundering and has ordered them to enhance auditing and user-protection systems. Plans must be submitted by July 23. 

Quoine, one of the exchanges that received the order from the FSA, has quickly responded to the news by stating that there will be no impact to services. Customers can continue to use all functions of the platform. bitFlyer announced on Twitter that it has temporarily closed registrations for new customers.

In a statement released by Quoine, CEO Mike Kayamori explains the current situation in Japan. 'It is not around security. It is not around theft. It is more around governance, compliance, back-office, KYC and AML', Kayamori writes. 'These are all important elements from the Japan FSA. We have been working working hard with the FSA but they have officially ordered an improvement for us to work closely with the FSA to make sure that we implement the necessary processes to strengthen our management team and back office to comply with the FSA.'

Quione expects to be working for 'a month or two' with key back end developers to be able to comply. As a result the work on the LIQUID platform will be delayed. After two months, 'business will be as usual', according to the exchange. 'You can trade on QUOINEX, you’ll be able to trade on QRYPTOS, our ICOs and listings will continue. The only part that would be delayed is our LIQUID platform', Kayamori writes

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