Until recently, the Japanese authorities were rather lenient towards the crypto exchanges. Although recently the rules of their work and control over them have become tougher, no exchange has lost its license. On the contrary, the authorities gave exchanges that failed to meet the standards, the opportunity to voluntarily withdraw the application and complete the operations.
The first exception became FSHO. In recent months, it continued to work, although its application was in the process of approval by the Financial Services Agency (FSA). So far, of all the stock exchanges, only FSHO received two comments from the FSA twice. Both times the supervisory authority ordered the trading platform to suspend operations until a successful resolution of certain problems.
At the end of March Nikkei said that the Financial Services Agency “decided to close the exchange, believing that FSHO does not have the systems necessary to manage the business.” The edition notes:
Having terminated the work of the exchange operator, which is deemed not to meet the standards, the agency demonstrates its determination to revive the healthy environment of foreign exchange trade in Japan.
Tighter measures followed the attack on Coincheck, with which at the beginning of this year, criminals stole funds of $ 530 million. Against the background of the robbery, FSA agents began to personally inspect the offices of exchanges.
At the moment registration in the agency received 16 exchanges. However, according to Nikkei, “some operators believe that they will not be able to bring their activities in compliance with the FSA standards.” At least seven exchanges have announced the voluntary termination of work.