Japanese stock exchanges like Huobi Pro, BigONE, Kraken and KuCoin closed their doors. Many people in the industry say these closure events are the pressures imposed by the Japanese government after the Coincheck hack in January.

Coincheck lost $ 532 million

After the hacking incident, which caused the total cost of 260 thousand investors to lose 532 million dollars, the Japanese government made very hard practices. In response to the attack, the Financial Services Authority (FSA), the country's financial regulator, accelerated the examination of Japan's domestic crypto stock exchanges by breaking up cryptographic fraud and illegal funding through ICOs.

FSC realized spot checks in 32 registered and unregistered bourses in February. In addition, on March 8, the regulators gave notice of punishment to the seven crypto stock exchanges. In order to suspend operations, they assigned two of them Bit Station and FSHO.

Japanese stocks close

In addition, the Japan Virtual Money Exchange Association (JVCEA) has published nearly 100 pages of voluntary regulations to assist investors and traders.

To protect the interests of domestic stock exchanges, most business licenses were acquired through stock exchanges backed by domestic financial companies, and no license was granted in any foreign stock market that could limit Blokchain's growth in Japan.