A South Korean financial authority has warned two major domestic banks about their lack of management of cryptocurrency transactions and anti-money laundering (AML) regulation, local online media outlet The Daily reports Dec. 4. Continue reading Financial Watchdog Warns Two Banks Over Poor Crypto Transaction Management
The Japanese government said today that inspections will take place at 15 unlicensed cryptocurrency exchanges in light of a recent major hack. According to the Japan Times, the country’s financial services minister Taro Aso said at a news briefing that on-site inspections will take place at the exchange providers that have filed for licenses but have not yet been approved. The move comes after the Coincheck exchange lost NEM tokens worth $533 million at the time in a major breach in late January. The minister indicated the inspections will examine the exchanges’ technical safety procedures and management of users’ funds, the report indicates. The country’s financial watchdog, the Financial Services Agency (FSA), had previously ordered all the licensed and unlicensed exchanges in the country to report on their security protocols and resistance to hacking in response to the Coincheck theft. The FSA has now decided that on-site inspections are required for unlicensed operators after appraising their reports.