A large exchange of Japanese currency, BitFlyer, announced this Thursday about the toughening of the procedure for identifying customers, after being criticized by the financial regulator. This is written by CoinDesk.
Since April 26, users who do not confirm their identity and address by receiving a letter from the exchange will not be able to issue cryptocurrency and fiat assets. A similar limitation will affect services that allow you to pay for purchases using cryptocurrency.
BitFlyer revised its rules in response to a comment by the Financial Services Agency of Japan, which stated that the exchange is too light-minded to identify its users.
According to the Nikkei publication, the regulator noted that the exchange allows its customers to immediately start trading after receiving a photo of the identification document from them, while full verification by this time has not yet been carried out. Thus, the FSA is concerned that the BitFlyer site can be used for money laundering.
The exchange, in turn, stated that it was responsibly approaching the process of customer identification, but reacted to the remark of the regulator.
Yesterday it became known about the toughening of requirements for registration of sites for trading cryptocurrencies in Japan and that the FSA imposed an administrative penalty on the trading platform Blue Dream. The company is still waiting for the encouragement of its application for registration as a cryptocurrency exchange, but the regulator ordered her to suspend all activities until June 10.
FSA claims that Blue Dream violated the requirements for investor protection by offering them their own BD Coin token and not explaining how its price is formed.