The Japanese crypt exchange Bitflyer was forced to temporarily disable the ability to enter and output tokens due to KYC-verification
The Japanese crypto exchange Bitflyer was forced to temporarily disable the ability to enter and withdraw funds due to a KYC check. Last month, the site received an order from the financial regulators of the country, which obliges to improve the work of the exchange after inspections by the FSA, conducted at Bitflyer offices in recent months.
The Agency for Financial Services believes that the input and withdrawal of money is the main stage in their laundering, and the crypto-exchange has reacted to the need to confirm the identity of its customers is extremely irresponsible, which has given green light to all kinds of intruders and most importantly to the members of the yakuza for trading in digital currencies.
One user noted that he can not get his money so far, although an application for their withdrawal was sent on June 25.
In May last year, the publication Mainichi conducted an investigation, revealing that the Japanese mafia is indeed laundering money using crypto-exchange trading platforms. If you believe them, the yakuza has already transferred over $ 270 million abroad through crypto-exchange platforms.
Due to the rapid growth of the crypto industry in Japan, the FSA called on the country’s major exchanges to eliminate all links with criminals and work together with the authorities. The main goal of this alliance is to create a safe environment with monitoring systems and mandatory identification of clients.
Historically, the Japanese police are very well known for their cooperation with the yakuza. However, as early as in 2011, a law was enacted providing for the criminal liability of persons conducting business with criminals. If the stock exchange continued to “kick”, then its representatives could be fined, or even be in jail.
Recall that due to the ban on anonymous cryptocurrencies, effective since June 18 this year, the exchanges had to abandon the trading of Altcoins XMR, ZEC, DASH, and REP.