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FSA continues inspection : 9 exchanges susped operations

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The Japanese Financial Services Agency (FSA) issued a business change and suspension request to Blue Dream Japan Co. Ltd on Wednesday after an on location review was completed. The organization must stop all exercises identified with its crypto trade business from April 11 to June 10.

Following the FSA’s request, Blue Dream Japan issued an announcement, “We will solemnly acknowledge the business suspension request and business change arrange,” including that they “guarantee to truly respond, [and] we will do our best to continue our administration.” Furthermore, the organization wrote:

“We plan to proceed [our] virtual cash trade business later on in the wake of conducting thorough compliance with laws and controls and enhancing the administration framework so we can furnish services that clients can use with certainty.”

Preceding the hack of one of the nation’s biggest crypto exchange, Coincheck, Japan had 16 authorized crypto exchanges and 16 “quasi-operators” of cryptographic forms of money, likewise called “deemed dealers.” These are organizations that have applied for licenses however have not been endorsed. Both Blue Dream Japan and Campfire fall into this classification.

On March 8, the FSA issued business change requests to six organizations. Four of them were quasi-operators – Mister Exchange, Bitcrements, Bit Station, and FSHO. The other two were completely authorized – Tech Bureau and GMO Coin.

At that point on April 6, the organization issued authoritative discipline requests to three trades – Lastroots, Eternal Links, and another to FSHO. The last two were additionally requested to suspend activities – Eternal Links from April 6 to June 5 and FSHO from April 8 to June 7. The most recent organization to get a business suspension order is the previously mentioned Blue Dream Japan.

What’s more, an aggregate of six crypto trades are reportedly withdrawing their applications following the assessments by the FSA – Tokyo Gateway, Mr. Trade, Raimu, Bitexpress, Bit Station, and now Campfire.

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