Japan Roundup: Bitflyer Restructures, Zaif Suspends New Member Registrations

The largest crypto exchange in Japan, Bitflyer, has announced a major organizational overhaul. A new representative director has been appointed to oversee the exchange’s day-to-day operations.

The largest crypto exchange in Japan, Bitflyer, has announced a major organizational overhaul. A new representative director has been appointed to oversee the exchange’s day-to-day operations. Meanwhile, hacked crypto exchange Zaif has stopped accepting new customers as regulators ramp up oversight of exchange operators.

Zaif Halts New Memberships

Osaka-based crypto exchange Zaif, one of the 16 regulated crypto exchanges in Japan, has suspended signing up new members. “We decided to temporarily stop accepting new membership registration at 21 o’clock on September 28,” Zaif’s operator, Tech Bureau, announced Friday. The company clarified, “Customers who are waiting for registration, such as being already in the process of identity verification by applying for membership registration, will register as usual as a member,” adding:

We are responsible for recovering the damage to all existing customers who were victimized by the current virtual currency outflow, but to do so, [we need] to concentrate our internal resources.

Zaif was hacked on Sept. 14 but the breach was not discovered until Sept. 17. The total damage is estimated to be about 7 billion yen (~$62 million). Tech Bureau claims that approximately 5,966 BTC, 42,327 BCH, and 6,236,810 MONA were stolen. The country’s Financial Services Agency (FSA) has issued the company a third business improvement order.

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