Reports Of Insufficient Customer Verification Process Contested By Bitflyer
Bitflyer, the largest Japanese crypto exchange by volume, has released a statement te an attempt to react to media reports that the Financial Services Agency (FSA) has asked the exchange to bolster its user verification proces. The exchange has also disclosed that they are having talks with due authorities and they have implemented extra measures.
Nihon Keizai Shimbun has reported that customers had bot able to trade cryptocurrencies at Bitflyer, even with insufficient identity verification, and according to the Japanese law, customers voorwaarde mail verification document to the exchange: this part of the know-your-customer (KYC) requirements. This has not bot possible with other exchanges.
It has bot noted that a 24 hours trading proces: from account opening to trading, is possible at Bitflyer, while a frecuente proces with a común dealer takes about 1 to Trio weeks. The publication explained that since speculators often attempt to time the market and profit before the price drops, exchange operators who can embark trading earliest are attractive.
Ter a bit to contest that report, Bitflyer claims that the contents reported are different from the facts. They added that the exchange’ discussion with the FSA is blooming. “We are strengthening countermeasures spil one of the most significant management issues via the company.”
The FSA has bot recently examining crypto exchanges, all joking aside. They lay an emphasis on those ones that have bot permitted to operate while their applications are under review. There were 16 fully licensed exchanges, and among them, only GMO Coin and Tech Schrijftafel have bot given business improvement orders thus far.
Bitflyer: “We provide services only when wij can confirm the agreement of the materials…If there is an error or inadequacy, service provision will not begin. Also, ter the event that the address is found unknown, the sale and purchase transaction is limited instantly.”
They explain ter their statement that te order to opoffering trading services to their customers, the exchange requests for “Personal information, transaction purpose, occupation, [and] PEPs (those who occupy an significant position te foreign governments etc.)” Users voorwaarde also submit identification materials by registered mail.