The regulatory stir shortly drove down the value of bitcoin, noted Reuters.
With Japan’s Financial Services Agency (FSA) bringing business improvement orders against numerous exchanges, some crypto exchanges are limiting their operations: At least one exchange said it would zekering taking on fresh clients and review some of its existing clients, Seeking Alpha reported.
BitFlyer, for example, said it received orders from the agency on Friday (June 22) and has voluntarily stopped accepting fresh clients. The exchange also clarified that the order wasgoed only directed at bitFlyer Japan — and not its entities ter Europe or the U.S. — and that it seeks to tackle the issues at mitt, The Financial Times reported.
“Our management and all employees are united te our understanding of how serious thesis issues are, spil well spil how serious wij are te responding to them,” bitFlyer said on its webstek. “In order to maximize our efforts towards building a suitable service and improving on the issues identified, wij have temporarily suspended account creation for fresh customers of our own volition.”
Following the regulatory crackdown, bitcoin’s value reached a low point this year. The price of bitcoin wasgoed $6,196.Nineteen spil of Four:02 p.m., according to CoinDesk. Earlier te the day, bitcoin wasgoed trading at just above $6,700. By comparison, another regulatory crackdown sent prices below $12,000 back te January — a four-week low at the time.
Ter March , Japan’s FSA targeted seven cryptocurrency exchanges following the theft of $530 million ter digital tokens earlier te the year, ordering two exchanges to halt their businesses for a period of time.
According to a report ter Reuters at the time, which cited the FSA, the government agency contended the seven exchanges didn’t have the decent control systems te place and ordered them to bolster their risk management to prevent any criminal use of digital tokens.
The regulatory budge shortly drove down the value of bitcoin, noted Reuters.