Japan’s Financial Services Agency (FSA) and the National Police Agency have requested that cryptocurrency exchanges implement withdrawal delays along with other protective measures. These safeguards include pre-registration of withdrawal addresses, customer-specific withdrawal limits and reinforced multifactor authentication. The request was submitted to the Japan Virtual and Crypto Assets Exchange Association (JVCEA), the industry’s self-regulatory body. These measures aim to address growing losses suffered by crypto exchange users, often linked to funds obtained through fraudulent schemes. These recommendations do not constitute binding rules and each platform will determine how to implement them.
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