In the wake of the Coincheck breach earlier this year, the Japanese Financial Services Agency (FSA) has been cracking down on that country’s cryptocurrency exchanges. Now a new wrinkle has emerged over concerns that the country’s licensed crypto exchanges do not have sufficient internal processes in place, including anti-money laundering (AML) procedures.
According to a recent report from Nikkei, the FSA will issue business improvement orders to more than five crypto exchanges, including bitFlyer and Quoine.
The move by the FSA comes after a group of self-regulating Japanese crypto exchanges proposed to strengthen their AML procedures by prohibiting platforms that list anonymous cryptocurrencies such as monero and dash.
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