Did y’all see the drop today and start to panic?
The correct answer is “Yes ma’am, we did, but we didn’t panic!”
Glad to hear it, dear readers, maybe y’all are catching on after all.
Earlier today Japan’s Financial Service Agency ordered several licensed exchanges to improve their security and audit procedures. All six of the targeted exchanges must file paperwork with the FSA regularly. Oh, and provide an update about their improvements by July 23rd, so in month’s time essentially.
And, in case you missed it, the FSA also ordered Japanese exchange bitFlyer to temporarily stop accepting new customers. It wants to recheck identification on file for certain customers.
Both of these things are good news, dear readers. I was just in Japan last month, it is a very crypto-friendly country. And as such, it’s registered exchanges are looking to improve security.
As we have mentioned before, this vetting, both in Japan and globally, is what we want. We want the tires to be kicked BEFORE institutional money enters the arena as we progress. Taking security seriously is paramount.
Until then, enjoy some discount shopping and continue to accumulate on the dips.