Japan Encourages Banks to Monitor Crypto Transfers; UK Regulator Warns Against Illegal Crypto Promotions

By: Eliza Bennet

Japan's Financial Services Agency (FSA) has laid out measures to augment user protection against unauthorized transactions to crypto exchanges, per an announcement made in mid-February. The agency stresses that banks should actively shield their customers from threats associated with 'unlawful money transfers' via cryptocurrencies.

The directive from the FSA, put forth in partnership with the National Police Agency (NPA), posits that fund transfers to crypto platforms should be suspended if the sender's identity is not in line with that of the account holder. The FSA and NPA further suggest that transactions on crypto platforms should be meticulously investigated for potential threats.

In other news, the Financial Conduct Authority of the UK has issued 450 alerts in late 2023 about illegal crypto promotions, indicating that businesses permitting advertisements should seriously consider their regulatory obligations.