Yakuza Involved in Japan’s Crypto Exchanges

Yakuza’s involvement in at least one of major Japan’s crypto exchanges has been confirmed. Japan has 16 licensed crypto exchanges, while at least one is involved with the organized crime.

Under the radar

Six of Japan’s biggest crypto exchanges have received bussines improvement orders from the country’s Financial Services Agency. The suspected exchanges include Bitflyer – Japan’s largest crypto exchange, Btcbox, Tech Bureau, Quoine, Bitpoint Japan, and Bitbank.

The exchanges received administrative penalty orders for the lack of proper operation of reliable business and countermeasures against terrorism financing and money laundering.

All of the exchanges must submit written reports by July 23rd. In the past, there has been only one similar case with Tech Bureau, which by this time have received their second business improvement order.

Yakuza involved in crypto exchanges

The FSA has confirmed that Japan’s organized crime group Yakuza is involved in at least one of the six crypto exchanges.

The information was revealed after the FSA’s investigation in companies’ security systems. They discovered that some crypto exchanges don’t update their databases for new individuals who sign up. The FSA recommended for the exchanges to cut all the ties with organized crime groups.

While the crypto industry is expanding in Japan, it is important for the local authorities to ensure that the crypto exchanges are running secure environments.


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