Two Japanese Exchanges Shutting Down Over Regulatory Compliance

According to local source Nikkei, two more Japanese cryptocurrency exchanges are shutting down in the wake of the Coincheck hack. Tokyo GateWay and Fukuoka-based Mr. Exchange are withdrawing their applications to register with Japan's Financial Services Agency as exchange operators. The FSA, Japan's highest financial regulatory body, on March 8 ordered both to improve their data security and other safeguards. The exchanges will be shutting down after returning their clients' cash and cryptocurrency holdings. This makes a total of 5 exchanges shutting down in the fallout of the $532 million hack of Coincheck in January. Raimu, bitExpress and Bit Station -- were the other exchanges that have withdrawn their applications to register. There are more expected to follow, as the FSA has given several exchanges a chance to voluntarily close before ordering them to do so.

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