NewsHK
Japan's financial regulators have applied fresh pressure on the domestic cryptocurrency exchange sector, with the Financial Services Agency calling on exchanges to introduce deliberate delays on customer withdrawals as a front-line measure against scams.
The request is part of a broader push to curb the misuse of exchange accounts and carries three accompanying controls: mandatory address registration, customer-specific transaction limits, and stronger authentication at the point of withdrawal.
The controls the FSA is requesting The withdrawal delay is the most operationally visible element.
Inserting a pause between a customer's withdrawal instruction and the execution of the transfer gives an exchange a window to identify suspicious activity and halt a transaction before funds reach a fraudulent address.
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