[NEWS] OKCoinJapan restricts deposits from Mitsubishi UFJ Bank as measures against fraudulent transfers are strengthened

On the 16th, OKCoinJapan, a domestic cryptocurrency exchange, announced that it would implement measures to restrict deposits from some financial institutions in order to strengthen its measures against fraudulent transfers. According to the announcement, this measure will temporarily block deposits from Mitsubishi UFJ Bank.

The restrictions apply to users who use personal accounts, and the deposit restriction measures will be implemented from 4:00 p.m. on April 23. In response to this, OKCoinJapan is encouraging users who have Mitsubishi UFJ Bank registered as the deposit source financial institution to use other financial institutions.

Deposits made after the deposit restriction measures will not be reflected immediately in OKCoinJapan accounts, and in principle, refunds will be processed by reversal and strict confirmation of the original funds will be implemented.

Regarding the background to this measure, OKCoinJapan emphasized that the Financial Services Agency and the National Police Agency requested banks and other institutions to strengthen measures against fraudulent transfers in February of this year.

This request was made in response to the frequent occurrence of cases in which victims of fraudulent transfers and other special frauds were transferred to customer deposit accounts opened by cryptocurrency exchange operators at banks.

Emphasizing the need for cooperation across the financial industry

In an interview with Iolite, OKCoinJapan COO Daisuke Yakaku emphasized that "this is in response to the Financial Services Agency and the National Police Agency's measures against fraudulent remittances," and commented, "OKCoinJapan does not allow deposits from anyone other than the customer. As part of our measures against fraudulent remittances, we have worked with banks to verify the sender, and we have introduced a registration system for financial institutions from which deposits are made ahead of other cryptocurrency exchanges to prevent fraudulent deposits. This approach will not change in the future."

Regarding the resumption of deposits from Mitsubishi UFJ Bank, he continued, "Of course, there is a possibility." However, at this time, there are no plans to prohibit deposits from other financial institutions.

Currently, Japanese financial institutions allow remittances under a requester name that is different from the account holder's name. In response to this current situation, OKCoinJapan does not allow deposits from anyone other than the account holder at the time of registration.

Yakaku also stated, "OKCoinJapan has taken usability into consideration and has taken various measures in advance leading up to this announcement."

"In order to further strengthen measures against fraudulent transfers, it is essential to have stronger cooperation not only with the cryptocurrency industry but also with the financial industry. We need to move forward with a collective attitude," he emphasized.

Reference: Announcement
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