Exchanges Urged to Tighten Withdrawals
Japanese regulators are calling on cryptocurrency exchanges to introduce additional withdrawal restrictions to combat the growing number of crypto fraud cases. According to Daily Hodl, citing a joint request from Japan's Financial Services Agency (FSA) and the National Police Agency (NPA), exchanges should temporarily restrict cryptocurrency withdrawals after fiat deposits or crypto purchases. The proposal also includes mandatory pre-registration of withdrawal addresses, transaction limits, enhanced monitoring for suspicious activity, and faster responses to potential fraud. Regulators believe these measures will make it more difficult for criminals to exploit compromised accounts and social engineering attacks. For cryptocurrency exchange users, the changes could improve asset security, although some withdrawals may require additional verification. Track BTC, ETH, USDT, and other digital assets and exchange cryptocurrencies securely with xbit.money.