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Coincheck exchange leak exposes chinks in Japan’s regulatory armor

By Toko Sekiguchi ( January 29, 2018, 09:56 GMT | Insight) -- The biggest cryptocurrency leak in Japanese history, announced at midnight on Friday, has underscored the difficulty regulators face in striking the precarious balance between overseeing an industry that thrives on innovation while also protecting consumers against fraud and security lapses. Japan’s Financial Services Agency today issued a compliance order against Tokyo-based cryptocurrency exchange Coincheck, after the company announced late on Friday that it had lost 58 billion yen ($534 million) worth of NEM coins.The biggest cryptocurrency leak in Japanese history, announced at midnight on Friday, has underscored the difficulty regulators face in striking the precarious balance between overseeing an industry that thrives on innovation while also protecting consumers against fraud and security lapses....

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