Japanese Crypto Exchange GMO Vows to Improve After Orders Updates

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Western Crypto Exchange GMO Vows to Boost After Regulator Orders Upgrades

We’ll protect significant customer information from sophisticated cyber-attacks by our highly bonded countermeasures and continue to boost team information security literacy and foster security personnel.
The cryptocurrency exchange subsidiary of the Western internet giant GMO has detailed its plans to enhance its own operations. GMO Coin has submitted a business improvement report to the country’s financial regulator. GMO Internet has also put up a data security audit office for the whole group.
Especially, GMO Coin plans to establish an effective risk management program. “The management group analyzed and investigated the root causes of program failures, formulated concrete countermeasures, and reacted to the true situation of business growth,” the firm clarified.

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In its statement, the market said that they “sincerely apologize for the inconvenience and stress that our Clients and stakeholders have undergone,” including:

The agency started inspecting all crypto exchanges following the hack Coincheck, one of Japan’s biggest crypto exchanges. The FSA mandates that the “Implementation of Effective System Risk Management Structure” under Article 63-16 of this Law on Funding Payment. GMO Coin acquired a license in the FSA in September of last year.

GMO announced on Friday the establishment of its Group Information Security Audit Office “to reinforce data security management and audit function in the entire group.” The company wrote:

GMO is one of the biggest internet companies of Japan. It functions GMO Click, and it will be “The largest FX trading services provider for retail investors in Japan,” that the organization’s site states. This past year, GMO also started its crypto exploration operations.

Published at Sat, 31 Mar 2018 11:55:28 +0000

The company improvement plan includes “(1) business management methods, (2) contingency corresponding openness plan [in] the event of a collapse, (3) data protection, cyber security management position, and (4) quality management and configuration management systems,” GMO Coin outlined.
We profoundly reflect on taking this administrative punishment and will gradually implement improvement strategies to strengthen and enhance the system risk management system to enhance the service that customers can feel secure and safe [with].
Also see: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

Following the FSA’s order, GMO Coin submitted a business improvement plan as required by the agency. The market will report its progress and execution standing to the regulator “each month by the 10th day of the next month in composing before the execution of the business improvement plan” is complete, GMO Coin comprehensive. The very first reporting date is the last day of March.

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