The Financial Services Agency of Japan urges the country's financial institutions to strengthen monitoring of "illegal" cryptocurrency transfers

ChainCatcher news, the Financial Services Agency (FSA) of Japan encourages financial institutions in the country to strengthen monitoring of "illegal" transfers to cryptocurrency exchange providers. An analysis by the National Police Agency concluded that the damage caused by fraud related to illegal remittances is primarily due to transfers made using cryptocurrencies.

The FSA encourages financial institutions to further enhance user protection based on risk and suggests that "if the sender's name differs from the account name, financial institutions should stop transferring to cryptocurrency exchange service providers."