Crypto prices tumble as Japan’s regulator orders 6 exchanges to improve anti-money laundering measures

• The Financial Services Agency ordered the all the six exchanges to better their anti-money laundering measures.
• “We take this order seriously and will make all efforts to improve our operations” CEO of Bitflyer said in a tweet.

The cryptocurrency market has proven its volatility yet again today as the price tumble uncontrollably on news from Japan. The regulator in the country, the Financial Services Agency (FSA) has ordered six exchanges to improve their businesses. Bitflyer Inc., the largest exchange in the nation also received the order. Bitflyer Inc. reacted immediately by halting the sign up of new customers. This is to allow it to carry out a review of the identities of existing account holders.

The Financial Services Agency ordered the all the six exchanges to better their anti-money laundering measures. The regulator also said this directive is due to a lax in the measures taken against money laundering activities. Significantly, the exchanges have been given until tomorrow, June 23 to submit the new plans.

Cryptos have been under great pressure lately, first, two of South Korea’s exchanges were hacked. Bithumb exchange was hacked at the beginning of this week while Coinrail exchange was also a victim to an attack not long ago. There is a lot of concern about the security exchange companies have put in place to guarantee customers’ investments.

Aside from Bitflyer Inc., the other exchanges that received the order of improvement of business include Bitbank, BTCBOX, QUOINE, Tech Bureau and BITPoint Japan. Japan has been very crypto-progressive, choosing to regulate the market as opposed to applying a complete ban. The market is however under increasing insecurity threat starting with the loss of $500 million in a hack attack earlier in the year on Coincheck exchange.

The CEO of Bitflyer, Yuzo Kano apologized on Twitter and promised to carry out the improvements. He said in the tweet, “We deeply apologize for causing concerns and inconvenience.” He added, “We take this order seriously and will make all efforts to improve our operations.”