Japanese Financial Services Agency Slaps Minnano With Improvement Order

[kreslik.news]

On Wednesday, yet another “administrative punishment order” was issued by the FSA to a cryptocurrency exchange.

This time, the Tokyo-based “Minnano Bitcoin” (“Everybody’s Bitcoin Inc.” in English) was the target. The order was submitted after the FSA conducted an on-site inspection of the exchange following the submission of a system risk management report. Minnano is currently legally operating as a “deemed dealer” of cryptocurrencies while its application for licensure under the FSA is under review.

The FSA took issue with Minnano’s “compliance with laws and regulations and proper operation of the business.”

More specifically, the FSA said that the exchange was “not ... (read more)