Japanese Exchange Faces Technical Glitch, Offers Free Bitcoins

Yet another technical mishap has occurred at a Japanese cryptocurrency exchange. This time, investors were allowed to buy bitcoins for free.

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Osaka-based cryptocurrency exchange Zaif, which is run by Tech Bureau Corp, revealed that a system glitch last week allowed seven traders to purchase Bitcoins without any associated yen value. Though the faulty window lasted for 20 minutes, noone was actually successful in making any profit.

The incident happened on February 16th and the exchange quickly voided the executed trades after discovering the glitch. However, Reuters reported that it is still trying to solve the issue as one person tried to withdraw the funds from the exchange.

According to the Asahi Shibun, one of the traders placed an unusually large order of Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term valued at 2,200 trillion yen ($20 trillion) and then quickly attempted to sell it.

Zaif is one of the 16 registered cryptocurrency exchanges in Japan. The government has put another 16 exchanges on a waitlist, which includes Coincheck.

The role of the Japanese regulatory body came into question after the latest hack of Coincheck in which $530 million worth of cryptocurrency went missing. The authorities started scrutinizing the cryptocurrency exchanges and surprisingly Zaif cleared the rigorous test. However, the recent system glitch has put the authorities under question again.

The next step - self-Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term?

Authorities around the world have failed to come up with proper regulatory rules to impose on crypto exchanges. However, now crypto businesses are taking the matter into their own hands. After a trade body was successfully formed by major cryptocurrency exchanges in the UK (CryptoUK), cryptocurrency businesses in Japan are considering the same.

As reported by Reuters, the registered exchanges in the island nation are planning to self-regulate themselves from April. As, currently, there are two bodies of registered and unregistered exchanges, they are initially planning to merge both to form a single body.