FHSO could be the first exchange rejected in Japan

According to international media reports, Japan’s financial regulators have rejected for the first time the registration application of a local exchange for the cryptocurrency trade.

Due to a “supposed lack of compliance with financial guidelines in addition to a dubious operational infrastructure,” FSHO, a trading platform for Yokohama, is in danger of being denied by the FSA.

The platform had already been sanctioned on a couple of occasions with business suspension orders earlier this year, motivated by the inability to report high-value operations repeatedly, which could be an indicator of money laundering, in addition to present a fairly “light” Know-Your-Costumer (KYC) system.

Apparently, FSHO does not perform adequate verifications of the identity of its users in transactions that could be linked to criminal acts, which could lead to the definitive suspension of operations by the FSA.

“The FSA aims to demonstrate its commitment to build a healthy trading environment in Japan, and will not tolerate any exchange platform that is not worthy of a license”, said the Japanese financial entity.

N. Moncada

Source: CoinCrispy

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