In order to comply with the regulatory requirements of the Japanese Financial Services Agency, BitFlyer revised its trading and payment policies

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2018-04-12 10:03

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Japanese regulators are reviewing the country's cryptocurrency exchanges for issues such as anti-money laundering and business registration compliance.

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Japanese regulators are reviewing the country's cryptocurrency exchanges for issues such as anti-money laundering and business registration compliance.

This Thursday (April 12), the Japanese cryptocurrency exchange BitFlyer announced that it will revise its trading and payment policies, while further strengthening its KYC (know your customer) procedures.

According to the announcement issued by the exchange, starting from April 26, online registered users will not be able to send cryptocurrency assets, nor can they withdraw Japanese yen until their identity and address information is confirmed - BitFlyer will give All confirmed users are mailed a confirmation letter.

Likewise, users will not be able to purchase items using Bitcoin transactions through BitFlyer until they receive confirmation from BitFlyer that they have passed the identity verification process.

On Thursday, Nikkei published a report revealing that Japan’s Financial Services Agency (FSA) is concerned about the too-loose identity verification process on the BitFlyer platform. Therefore, BitFlyer responded immediately.

According to the Nikkei news report, the Japan Financial Services Agency found that users only need to submit a copy of their ID card to conduct transactions on the BitFlyer platform, and there is no need to confirm and verify user information. Therefore, the financial supervisory staff of the Japan Financial Services Agency suspects that the exchange may be involved in money laundering activities.

BitFlyer stated that they are indeed not careful when implementing KYC policies, and that they are working with the Japan Financial Services Agency to further strengthen its existing anti-money laundering measures.

Currently, Japanese regulators are reviewing the country’s cryptocurrency exchanges for issues such as anti-money laundering and business registration compliance. Just yesterday, Japan’s Financial Services Agency issued an administrative penalty order requiring cryptocurrency exchange BlueDream to suspend business operations until June 10.