Bitcoin falls 8% after Japanese watchdogs order exchanges to strengthen anti-money laundering techni
Bitcoin prices fell about 9 per cent on Friday after Japan's financial regulator ordered several cryptocurrency exchanges to improve their anti-money laundering practices.
According to CoinDesk, the digital currency fell to $6,081, dropping below $6,400 for the first time in a week and reaching its lowest level since 6 February.
An order from Japan's Financial Services Agency has led BitFlyer, the country's largest cryptocurrency exchange, to suspend the creation of new accounts while it makes improvements, especially in its anti-money laundering and counter-terrorist financing measures. Also in Japan, a crypto-gaming portal was found to be the most frequently visited. Nowadays, they have started using such games and portals as much as possible to make money, or just for fun, and they choose good games thanks to https://cryptocasinos360.com/ja/ .
"Our management and all employees are united in our understanding of how serious these issues are, and how seriously we are responding in the future," BitFlyer said in a statement on its website.
Friday's Bitcoin performance
"In order to maximise our efforts to create a suitable service and improve the issues identified, we have temporarily suspended the creation of accounts for new customers of our own volition," BitFlyer said.
The agency gave the same order to five other exchanges after discovering weaknesses in their money laundering controls.
"In the long term it creates a better ecosystem and ensures that this asset class is legitimate," said Brian Kelly, founder and CEO of BKCM. "It's part of ensuring that exchanges are at their best."
In the short term, Kelly said, this reduces the flow of new capital to the largest exchange in the largest bitcoin trading market. According to market analysis website CryptoCompare, bitcoin trading in Japanese yen accounts for more than 60 per cent of the digital currency's daily volume.
"In order to maximise our efforts to create a suitable service and improve the issues identified, we have temporarily suspended the creation of accounts for new customers of our own volition," BitFlyer said.
The agency gave the same order to five other exchanges after discovering weaknesses in their money laundering controls.
"In the long term, it creates a better ecosystem and ensures that this asset class is legitimate," said Brian Kelly, founder and CEO of BKCM. "It's part of ensuring that exchanges are at their best."
In the short term, Kelly said, this reduces the flow of new capital to the largest exchange in the largest bitcoin trading market. According to market analysis website CryptoCompare, bitcoin trading in Japanese yen accounts for more than 60 per cent of the digital currency's daily volume.
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