Two Chairpersons of the Japan Virtual Currency Exchange Association Leave Their Posts
On Monday, the Japan Virtual Currency Exchange Association (JVCEA) announced that its two chairs, bitFlyer CEO Yuzo Kano and Bitbank CEO Noriyuki Hiroyuki, have resigned from their positions in the organization. Both cryptocurrency exchanges received orders to improve their anti-money laundering practices from the Financial Services Agency (FSA) last week. Writes about it ETHNews.
These events precede the June 27 vote on a set of self-regulation rules aimed at “improving the security and transparency of virtual currency exchanges”. Despite Kano and Hiroyuki’s withdrawal from the JVCEA, both exchanges remain members of the organization, according to information on its website..
The Association promises to “continue to do everything possible to protect the interests of users and to promote the confident development of the virtual currency exchange industry, including the creation of voluntary regulations.” The JVCEA did not disclose who could fill the vacated chair positions.
Japan continues to tackle inappropriate virtual currency practices following the January 26 Coincheck hack. The FSA has been conducting audits of cryptocurrency exchanges since at least the end of February and takes action if it finds violations.
On April 6, the FSA issued an order to suspend the activities of the Eternal Link and FSHO cryptocurrency exchanges. Later, the regulator refused to register the FSHO exchange and thus made the first negative decision in its history when considering such an application..
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