Japanese regulator imposes

Japanese regulator imposes “administrative sanctions” on the operator of the hacked Zaif exchange

Japanese financial regulator again tightens control over the home market cryptocurrencies in the background hacking cryptocurrency exchange Zaif, which lost $ 60 million last week.

The Japanese regulator imposed 'administrative sanctions' on the operator of the hacked exchange Zaif. The Japanese financial regulator is again tightening control over the home market of cryptocurrencies amid the hacking of the cryptocurrency exchange Zaif, which lost $ 60 million last week.

The Treasury Department today imposed “administrative sanctions” on licensed exchange operator Zaif, Tech Bureau, expanding measures taken against it last week..

In particular, the company must find out the facts and causes of the incident, as well as formulate and implement measures to prevent a similar situation from recurring in the future. Moreover, now its task is to find the organizers of the attack..

Also, the company must report to their clients and provide them with a complete picture of the damage caused. This is the second order to improve the Tech Bureau’s working methods in the past 3 months..

The company reported the loss of a large amount of Bitcoin, Bitcoin Cash and MonaCoin from the exchange’s hot wallets only last week, although the incident itself occurred on September 14, but remained unnoticed for several days..

After the hack, the Tech Bureau decided to transfer most of its shares to a public company, which agreed to provide more than $ 40 million in damages. The exchange operator must also report to the local financial regulators as soon as possible on the results of the investigation and the measures taken in accordance with the order of the Financial Services Agency, which was issued back in June.

The Japanese regulator imposed 'administrative sanctions' on the operator of the hacked exchange Zaif. The Japanese financial regulator again tightens control over the home market of cryptocurrencies amid the hacking of the cryptocurrency exchange Zaif, which lost $ 60 million last week.

At the beginning of the year, another Japanese exchange, Coincheck, was hacked. Then, cryptocurrency assets worth about $ 530 million were withdrawn from her wallets.According to a statement from the local police department, the number of complaints about the theft of cryptocurrencies tripled in the first half of 2018. Also recently it became known that the approval of applications for the launch of their own cryptocurrency exchanges over 160 companies are expected in Japan.

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