Japanese Crypto Exchange GMO Vows to Improve After Regulator Orders Upgrades
The cryptocurrency exchange subsidiary of the Japanese internet giant GMO has detailed its plans to improve its operations. GMO Coin has submitted a business improvement report to the country’s financial regulator. GMO Internet has also set up an information security audit office for the entire group.
GMO Strengthens Operations and Security
We will protect important customer information from increasingly sophisticated cyber-attacks by our highly secured countermeasures and pursue to improve group information security literacy and foster security personnel.
Headquartered in Tokyo, GMO is one of Japan’s largest internet companies. It operates GMO Click, which is "The largest FX trading services provider for retail investors in Japan,” the company’s website states. Last year, GMO also began its crypto mining operations.
GMO’s Business Improvement Plan
Specifically, GMO Coin plans to establish an effective risk management system. 'The management team analyzed and investigated the root causes of system failures, formulated concrete countermeasures, and responded to the actual situation of business expansion,' the company described.
In its announcement, the exchange stated that they 'sincerely apologize for the inconvenience and worry that our customers and stakeholders have experienced,' adding:
We deeply reflect on taking this administrative punishment seriously and will steadily implement improvement plans to strengthen and enhance the system risk management system to further enhance the service that customers can feel secure and safe [with].
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