Regulators of Japan will conduct additional checks on cryptocurrency exchanges


Economic stabilizer of Japan stated that it intends to perform additional inspection in cryptocurrency exchange offices in the state. According to an article in Nikkei, a Japanese creation by the Economic Services Authority (FSA) will begin inspections in more of cryptocurrency exchange offices this week. The final test was conducted in the office of Coincheck immediately after the last big hack.

With the assistance of audits, Financial Services Agency of Japan is going to achieve the increase of safety and the protection of investors, and also avoid similar burglary Coincheck scenarios.

As mentioned before, during the break-in of the cryptocurrency exchange Coincheck was removed approximately 530 million USD (during break) in the monetary unit of NEM. Check the FSA raided the office of the exchange 2nd Feb — with the aim of realizing the shortcomings of security platforms and evidence of the exchange of the required money for the payment purpose of guaranteed victims compensation.

The Agency said that the company was warned about loopholes in the security system up to hacking.

According to the Nikkei report, the numerous platforms for the exchange of cryptocurrency have major flaws in security issues, despite the fact that the market is growing rapidly. Among 32 cryptocurrency exchanges  that operate in the market of Japan, 16 not registered in FSA, and Coincheck is one of them, since it started their activities before the entry into force of the new law in April 2017 in Japan.

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