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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Coinbase Confident of Receiving FSA Approval, Intends to Set Security Standards in Japan

Tony "The Bull" Severino
Tony "The Bull" Severino
6 years ago
3 mins read
Coinbase

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San Francisco-based cryptocurrency exchange Coinbase aims to set a new security standard in Japan, and is more confident than ever that it will receive approval from Japan’s Financial Services Agency (FSA) to operate an exchange in the region.

Coinbase Optimistic About Expansion into Japanese Market

On June 4, the most valuable cryptocurrency exchange in the U.S., Coinbase, announced its plans to expand its offerings and services into the lucrative Japanese market. However, before Coinbase can operate in the region, it must first have its registration approved by Japan’s FSA.

In an interview published by Japanese financial newspaper Nikkei Asian Review, Mike Lempres, Coinbase’s chief policy officer, provided an update on the firm’s progress in dealing with the FSA, claiming that the discussions are “going well” and believes that the company will “certainly” receive approval “in 2019.”

Coinbase Welcomes Increased Scrutiny Under Japan’s Chief Regulator

“The Japanese government is more focused on security,” Lempres said, in reference to how the FSA has responded to a string of hacks that battered cryptocurrency exchanges in the region throughout 2018, leaving investors scores and the FSA scrambling to implement better security measures across the board.

The FSA increased its scrutiny over cryptocurrency exchanges operating in the country after Coincheck was hacked for nearly $500 million in cryptocurrency tokens. Since then, the FSA has issued a number of business improvement orders to exchanges, suspended others, and implemented a more stringent licensing process.

As of September, Reuters was reporting that over 160 registration applications were in the FSA’s review queue, forcing the country’s chief regulator to hire an additional 12 people for fiscal year 2019, in order to keep up with the growing demand.

Lempres said that the FSA’s greater focus on security is “good” for Coinbase and affords them an edge compared to their competition. He also expects Japan to bounce back from the recent hacks plaguing exchanges and investors.

“Japan has been an active large market from the very beginning, and has proved resilient as it bounces back from several bad experiences,” Lempres explained.

Coinbase to Set Security Standards in the Region

Coinbase hopes to become the pillar of security and safety in Japan. As part of Coinbase’s discussions with the FSA, the firm boasts of its security standards put in place to protect investors.

Lempres claims that Coinbase has “dozens” of employees dedicated to security, and that only 1% of assets are stored in fully insured hot wallets, the remaining 99% of funds are stored offline using a unique and complicated process.

Lempress believes there is a “great demand” for trusted service providers in Japan, and hopes that Coinbase will satiate that need after the FSA approves its application.

Featured image from Shutterstock.
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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The highest standards in reporting and publishing
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