Japan’s Financial Regulatory Agency FSA has raided two crypto exchanges to check internal operations on customer security and anti-money laundering measures.
According to Reuters, Last week this raid has taken place on Huobi and Fisco Cryptocurrency Exchange. This raid was due to these exchanges went made some major changes in management structures.
Financial Services Agency in Japan is ensuring that those exchanges which went through major changes need to have appropriate security measures to protect customers assets. Thus this raid was carried on these two exchanges to check if security measures were implemented.
The exchanges have not yet publicly spoken about this raid conducted by FSA because there is no official statement from them about this raid.
Huobi has multiple crypto exchanges around the world. And recently last year Huobi has acquired the largest shares of a company named Pantronics Holdings.
Since 2017 Japan’s FSA is at the forefront when it comes to regulating the crypto industry. Thus in Japan crypto exchanges have to follow all rules provided by FSA to get regulated.
FSA applies strict regulations on crypto exchanges in Japan and some crypto exchanges appreciate it like the popular exchange Coinbase’s CPO said strict regulations is good for them.
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