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SBI Group postpones cryptocurrency exchange launch again

Japanese financial services giant SBI Group has once again postponed the launch of its much-anticipated cryptocurrency exchange.

The company announced its plans to launch SBI Virtual Currencies Co., Ltd. back in October 2016. According to CoinDesk, the new platform has begun the process of offering account registrations to certain priority investors, but will delay the same for ordinary customers.

SBI Virtual Currencies said that it will delay the launch in order to boost security measures. In its official notice, it said (loosely translated):

“We decided that it will take a certain amount of time to further strengthen security measures, how to manage assets under custody, and customer management system in user conservation of virtual currency exchange operators, which are desired for further safety.”

The platform previously postponed the general account opening process in December 2017, citing the need to “strengthen the account opening application acceptance system.”

The delay in the launch comes after the recent efforts by Japan’s Financial Services Agency to increase oversight of domestic cryptocurrency exchanges following the major hack at Coincheck earlier this year.

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