Japan punishes seven cryptocurrency exchanges over lapses

Coincheck lacked a proper internal control system for risks such as money laundering and terrorism financing, Japan’ financial regulator said. (Reuters)
Updated 08 March 2018
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Japan punishes seven cryptocurrency exchanges over lapses

TOKYO: Japan’s financial regulator on Thursday punished seven cryptocurrency exchanges, suspending business at the two of them, in an effort to shore up consumer protection after the $530 million theft of digital money from Tokyo-based Coincheck.
A senior official at the Financial Services Agency told reporters at a briefing on Thursday it had confirmed Coincheck had funding to reimburse its customers for digital NEM coins stolen from its exchange. It said the company would announce details of its reimbursement plan later in the day.
The regulator issued business improvement orders to Coincheck and six other exchanges, saying the seven exchanges lacked the proper and required internal control systems.
It ordered the suspension of operations at two of them, Bit Station and FSHO, for one month starting Thursday.
FSA said a senior employee at Bit Station was found to have used customers’ bitcoin for the person’s own purposes. The agency said the exchange, which has been allowed to operate on a provisional basis, dropped its application to become an authorized exchange.
The FSA said Coincheck lacked a proper internal control system for risks such as money laundering and terrorism financing.


Iran may accept OPEC oil production increase with conditions

Updated 20 June 2018
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Iran may accept OPEC oil production increase with conditions

ANKARA: Iran might conditionally accept an oil production rise, which Saudi Arabia and Russia are pushing for from July to meet growing global demand, Iran’s Seda weekly said on Twitter, quoting an Iranian official.
“The condition means no other country has the right to compensate for another country’s oil production decrease. For example, Saudi Arabia should not compensate for Venezuela’s oil production drop,” a source close to the Iranian delegation in Vienna told Seda weekly’s editor Reza Zandi.
The Organization of the Petroleum Exporting Countries (OPEC) meets on Friday to set output policy amid calls from US President Donald Trump and China to cool down oil prices and support the global economy by producing more crude.