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2 Japanese Cryptocurrencies Exchange are About to Shut Down

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Two cryptocurrency exchange platforms in Japan are ceasing to operate due to closer surveillance by the authorities following the story of Coincheck, who saw the theft of 530 million dollars in January.

Tokyo GateWay and Fukuoka have retired their applications to register with the country’s financial monitoring agency, the Financial Services Agency (FSA), according to a report by the Nikkei Asian Review. Following the theft of Coincheck, the FSA conducted inspections in all 32 cryptocurrency exchanges in the country to determine what security measures were in place to ensure the security of customer resources. Deficiencies were found on some platforms, two of which were Tokyo GateWay and Mr Exchange.

According to Kikkei, the closures won’t occur until user funds have been withdrawn or otherwise returned.

Earlier this month, Japanese regulators suspended two cryptocurrency exchanges, FSHO and Bit Station, citing security flaws. According to Nikkei, Bit Station has withdrawn its application with the agency, as have two others: Raimu and bitExpress.

“More are expected to follow, as the FSA has given several exchanges a chance voluntarily close before ordering them to do so,” the news service added.
This is the translated version of the blog post by Mr. Exchange:
Dear Customer,

Thank you for always  using Mr.   Exchange  .

After receiving business order improvement order from Fukuoka Financial Bureau on March 8, 2018, we have made efforts to improve items that were pointed out. As a result, indeed unfortunately, we judged that it is difficult to prepare a thorough attitude to respond to the recent changes in the situation related to the virtual currency, and decided on the policy to withdraw the application of the virtual currency exchange industry, so we will report I will do.

We are currently discussing procedures for smoothly returning customer assets on the premise of withdrawal of applications. Regarding future specific concrete measures, we announce you again later.

We can also use our service including trading, deposit / withdrawal until we inform details. Please keep in mind that we will properly manage the assets you keep from customers until the return is completed.

We are sorry to have caused you a lot of inconvenience regarding our policy regarding customers’ place. From now on, until the end of the service, we will continue to operate the profit first of all until the end.

Representative Director Yusuke Kawabata”

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