According to the latest development, the owner of crypto exchange Zaif, Tech Bureau Inc. has decided to temporarily suspend new account registrations on the platform. The Zaif exchange feels that it would be ideal to keep new customers away from signing up, till a clear reimbursement policy takes shape. Tech Bureau clarified that this suspension decision won’t impact its existing customers, as well as the customers whose identity verifications are still open.
The exchange took this suspension decision 14 days after the hack took place. The exchange lost more than $60 million during the hack. In its press statement, Tech Bureau stated that it will be resuming new registrations as soon as they decide on a concrete strategy of compensating its customers who suffered losses during the hacking attack.
Soon after the hack, the exchange had reached out to another Japanese investment management company, Fisco for a $44 billion bailout agreement. However, as per the latest development, the deal is still under examination and customers are yet to be compensated.
The security practices at crypto exchange Zaif are being investigated by Japan’s Financial Services Agency (FSA). Post the hack, the agency had started examining the user protection systems that are installed in the offices of Tech Bureau.
The Japanese Virtual Currency Exchange Association (JVCEA) is planning to establish a limit on the amount of virtual currencies that can be managed online by crypto exchanges in the wake of the hacking incident that took place at Zaif in early September.
A ceiling of 10 to 20 percent of customer deposits will be set by the JVCEA. Presently, the JVCEA is in the process of revising its rules that it had originally drawn up in July. The new rules will be implemented once the FSA certifies them, as reported on Chepicap.
The funds stolen from the Zaif crypto exchange have been reportedly remitted by the hackers to offshore exchanges. The wallets of the recipients have apparently not gone through any AML/KYC guidelines. This could make it challenging for the Japan police to recover the stolen digital assets, as reported on CCN.
The post Crypto Exchange Zaif Temporarily Suspends New Account Registrations appeared first on OWLT Market.
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