Japan’s FSA sweeps through Houbi and Fisco cryptocurrency exchanges' AML and KYC provisions


  • Reuters cites “two sources familiar with the matter” who claim that the regulator paid visits to the exchanges.
  • Both Houbi and Fisco have had massive changes at the management level.

According to a report by Reuters Huobi and Fisco crypto currency exchange companies were investigated by the Japan’s watchdog the Financial Services Agency (FSA) last week. Reuters cites “two sources familiar with the matter” who claim that the regulator paid visits to the exchanges and looked into their customer protection as well as anti-money laundering (AML) systems.

The two exchange companies have had massive changes at the management level warranting the FSA to conduct a routine check if there is proper compliance with the measures that have been put in place.

Huobi entered the Japanese market through the acquisition of acquisition of a crypto exchange referred to as BitTrade in September last year. Fisco also acquired Zaif exchange following a major hack where a total of $62.5 million in various cryptocurrencies was lost. The owner of the exchange sold it at a sum of $44.7 million.

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