Financial Services Agency lifts order to improve operations for GMO Coin — signs of recovery in cryptocurrency market
Financial Services Agency lifts improvement orders against GMO Coin
Reuters reported on the 13th that Japan’s virtual currency exchange GMO CoinGMO Coinhad its improvement order issued in March 2018 lifted.
The lifting of the improvement order is the second case following Coincheck, which was authorized as a cryptocurrency exchange operator in January.
GMO Coin is a cryptocurrency exchange operated by the GMO Internet Group, and on March 8, 2018, the Kanto Local Finance Bureau issued an improvement order.
The measures suggested by the Kanto Local Finance Bureau to ensure proper and reliable operation of the business are as follows.
- Establish an effective system risk management framework commensurate with the expansion of business activities
- Submit a written improvement plan for the above 1 by March 22, 2018
- During the period until the completion of the above 2's improvement plan, report in writing on progress and implementation status by the 10th of each following month
According to Reuters, the lifting of the improvement order was due to the Financial Services Agency's consideration of monthly reports and other factors, concluding that sufficient improvements had been made to the system management framework that had been the basis for the disciplinary action.
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