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Cryptocurrencies

BitFlyer resumes opening accounts, following one year suspension

Wednesday 3 July 2019 | 12:11 PM CET

BitFlyer has announced that, beginning on 3 July 2019, it will resume opening new domestic accounts, following its voluntarily activity suspension one year ago.

In April 2018, the Japan-based crypto exchange received an operational improvement order from Japan’s financial watchdog: the Financial Services Agency. This was due to concerns raised over loosely enforced identification procedures and potential risks of money laundering. As such, the company stopped processing new users to bolster its identification mechanisms and KYC protocols, while users registering online were prevented from withdrawing Japanese yen or transacting with cryptocurrencies until the exchange confirmed their identity and address through the postal system.

The regulator’s concerns led to the decision that BitFlyer will have until 23 July 2020 to submit a business improvement plan. The company was also asked to develop management systems for risks including ML and terrorist financing, oversee a system to control anti-social forces, and construct a privacy and record keeping system.

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