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Cryptocurrency Exchanges, Huobi and Fisco Raided By Japanese Financial Services Agency (FSA)

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Japanese Financial Regulator, the Financial Services Agency (FSA) have reportedly, conducted raids at two Cryptocurrency Exchange offices in Japan. Reportedly, the two exchanges “underwent major changes to management structures” which were brought to an investigation by the FSA.

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Huobi Japan Inc., a Singapore based Exchange from China and Fisco cryptocurrency Inc., Minato-ku-based Exchange were the two firms put under surveillance.

According to a press release from Reuters,

“The FSA investigations were designed to ensure appropriate measures have been implemented for customer protection and legal compliance after the management changes, the sources said.”

Furthermore, the sources remained anonymous as they are not authorized to speak to the media. Huobi Japan Inc. was established under its parent company based out of Singapore after it acquired the Government registered, BitTrade Exchange.

Fisco is a financial services provider in Japan that deals in equity, foreign exchange, bonds, and commodities markets. It acquired Government registered Zaif Exchange to enter into cryptocurrencies in 2016.

The Japanese Regulators have so far brought a total of 123 companies under its surveillance that deals in cryptocurrencies; Japan is one of the first developed countries to regulate Cryptocurrency Exchanges.  The Exchanges are required to register with the Government and comply with the rules of customer protection and legal formalities laid down by the Government.

Also Read: Japan to Launch Blockchain Payment Experiment for Tokyo 2020 Olympics

Hence, the raids carried out by the FSA were to ensure that the regulatory compliances have been followed at the two Exchanges after management changes. Furthermore, Japanese banks are the forerunners of the institutions that plan to integrate Blockchain and cryptocurrency in the current financial system.

Do you think that the raids call for an ominous tiding or it was just a routine check? Please share relevant details with us.  

Cryptocurrency Exchanges, Huobi and Fisco Raided By Japanese Financial Services Agency (FSA)

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Cryptocurrency Exchanges, Huobi and Fisco Raided By Japanese Financial Services Agency (FSA)
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Japanese Financial Regulator, the Financial Services Agency (FSA) have reportedly, conducted raids at two Cryptocurrency Exchange offices in Japan. Reportedly, the two exchanges “underwent major changes to management structures” which were brought to an investigation by the FSA.
Nivesh Rustgi
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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