The authorities are increasing pressure on crypto exchanges to detect suspicious activity and prevent scam proceeds from being transferred.
Japan’s Financial Services Agency (FSA) and National Police Agency have urged cryptocurrency exchanges to introduce withdrawal delays and stronger fraud controls amid rising scam-related losses.
The renewed joint request was sent to the Japan Virtual and Crypto Assets Exchange Association, which represents the country’s regulated crypto industry. It is not a binding regulation and does not establish a nationwide waiting period.
Among 11 recommended measures, exchanges are being asked to consider temporarily restricting crypto withdrawals after customers…
