Two vice presidents resign from JVCEA in face of FSA order

27 Jun, 2018
by Matthew Kim
News
Two vice presidents resign from JVCEA in face of FSA order

Two vice presidents resigned from the Japan Virtual Currency Exchange Association (JVCEA) following Japanese Financial Services Agency’s (JFSA) business improvement orders. The JVCEA was founded in March 29 following the $530 million Coincheck hack in January to restore the faith in cryptocurrency exchanges in Japan.

In announcement posted on the JVCEA website on June 2th, JVCEA revealed that bitFLyer CEO Yuzo Kano and Bitbank CEO Noriyuki Hiroyuki resigned from their posts. The reason for their resignation seems to be related to the business improvement order the two exchanges received last week from the Japanese FSA.

However, despite the resignation of the cryptocurrency exchange CEOs from JVCEA, their respective exchanges remain members of the association. The replacements for the posts have yet to be announced, but the organization said that it will “continue to do [its] utmost to protect the interests of users and to promote the sound development of the virtual currency exchange industry, including the early establishment of voluntary regulation rules”.

The news comes just a few days before the important voting day on June 27th, when the JVCEA will vote on the proposal for the self-regulatory rules drafted by the association. Among many other propositions, the proposal plans to get rid of insider trading and support for privacy coins.

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