SBI Group, a financial services company group based in Tokyo, Japan, is postponing the launch of its cryptocurrency exchange to enhance its security measures in the light of recently discovered vulnerabilities.
Last year, SBI announced the establishment of a new cryptocurenncy business called SBI Virtual Currencies, which was launched in beta on January 30. It is among the first group of companies to apply for and receive Japan’s digital currency exchange license in November 2017. SBI VC aims to provide a reliable exchange for both institutional customers and individual digital asset buyers in Japan.
However, in an announcement this week, SBI said that, while SBI Virtual Currencies has already started offering account registrations to certain priority investors, it will postpone applications from ordinary customers and thus push forward the date for the start of trading.
SBI said it had to postpone the launch for security improvement purposes. “We decided that it will take some extra time to further strengthen security measures, assets management, and customer management systems to ensure the protection of cryptocurrency exchange users,” SBI wrote in the announcement.
The company’s move to improve the exchange’s security system comes after the recent efforts by Japan’s Financial Services Agency (FSA) to increase oversight of domestic crypto exchanges following the recent hack of of Japanese crypto exchange Coincheck.