Home News GMO Coin Will Improve Its Services After Japanese FSA Crackdown

GMO Coin Will Improve Its Services After Japanese FSA Crackdown


GMO Coin, the Japanese owned cryptocurrency exchange platform has recently made a huge announcement. The announcement we are talking about is about adding new measures which will comply with the requirements of the Japanese financial regulator.

Japanese FSA Takes Interest in GMO Coin

he Japanese FSA (Financial Services Agency) started inspecting GMO Coin earlier this year after more than 500 million dollars have been stoned from Coincheck back in January.

The FSA moved its attention to GMO Coin in March and the first thing it did was to send a business improvement order. This order required GMO Coin to improve its risk management structure.

Protecting the Customers

While it might seem like the Japanese FSA is cracking down on GMO Coin, this is not the case. The only thing that the Japanese FSA wishes to accomplish is to help GMO Coin provide its customers with better privacy.

GMO Coin responded to this by releasing this following statement: “We will protect important customer information from increasingly sophisticated cyber-attacks by our highly secured countermeasures and pursue to improve group information security literacy and foster security personnel”.

The company also added the following statement: “The management team analyzed and investigated the root causes of system failures, formulated concrete countermeasures, and responded to the actual situation of business expansion”.

GMO Coin Main Priorities

GMO Coin wanted to assure its customers that the future is looking bright for them and the way it did that was by announcing its main priorities.

Therefore, GMO Coin announced that it plans to improve the following departments of its company: business management systems, contingency corresponding readiness plan in the event of failure, information security, cyber security management posture and the quality control and configuration system.