Japan FSA asks crypto exchanges to impose withdrawal delays to fight scams
abstrak:Japan‘s financial regulator has asked crypto exchanges to adopt withdrawal delays and other anti-fraud safeguards amid increasingly sophisticated digital-asset scams. The Financial Services Agency, working with the National Police Agency, requested that exchanges restrict crypto withdrawals for a set period after customers deposit fiat or buy digital assets, require pre-registration of withdrawal addresses, and impose waiting periods for newly added addresses. The request went to the Japan Virtual and Crypto Assets Exchange Association, the industry’s self-regulatory body. Additional proposals include customer-specific withdrawal limits, enhanced transaction and access monitoring, phishing-resistant multifactor authentication, and checks matching bank remitter names to account holders. The measures are non-binding; the FSA said exchanges should tailor implementation to their operations and risk exposure. Separately, Bitget plans to exit Japan and close remaining positions after Dec. 31
Japans financial regulator has asked crypto exchanges to introduce withdrawal delays and other safeguards as authorities respond to increasingly sophisticated scams involving digital assets.
On Thursday, the Financial Services Agency (FSA) said it had jointly requested the measures with the National Police Agency amid growing losses among crypto exchange users and cases where funds obtained through fraudulent schemes are being transferred to exchange accounts.
The request calls on exchanges to restrict crypto withdrawals for a specified period after customers deposit fiat currency or purchase digital assets. Platforms were also asked to require users to pre-register crypto withdrawal addresses and impose a waiting period before newly added addresses can be used.
The request was submitted to the Japan Virtual and Crypto Assets Exchange Association, the countrys self-regulatory body for crypto exchanges.
Other proposed safeguards include customer-specific withdrawal limits, stronger transaction and access-environment monitoring, phishing-resistant multifactor authentication and checks to ensure that the name of a bank remitter matches the crypto account holders name.
The measures are not binding rules. The FSA said exchanges should determine how to implement these based on their operations, services and exposure to misuse.
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