A subsidiary of the cryptocurrency exchange for Japanese internet powerhouse GMO has stated its intentions to enhance its operations.
A business improvement report has been entered to the financial regulators of the country by GMO coin. It has also set up an office that oversees the security of information for the whole group.
Last Friday, GMO gave a public notice concerning the creation of its information security audit office for the group. This is to strengthen the security and management of information and auditing functions in the entire group.
According to the company:
“We will always strive to provide maximum security for customer’s information from highly organized cyber-attacks. With the help of our strong and secure system, we will improve the literacy level of our information security group and nurture security personnel.”
Crypto Exchange Inspection
The FSA (Japanese Financial Agency) issued an improvement order to the company after conducting an assessment earlier this month. The inspection of crypto exchange began after one of the largest crypto exchanges (Coincheck) was hacked.
The Japanese Financial Agency has authorized the implementation of a strong System Risk Management Make-up.
The headquarters of GMO is situated in Tokyo, operating in GMO clicks (the biggest service provider for FX trading, especially for retail investors in the country). The crypto mining operations for GMO began last year.
Business Improvement Plan For GMO
By observing the orders from FSA, GMO coin recently submitted an improvement plan for the business just as the agency demanded. The exchange will report on its implantation status and progress to the regulator on the 10th day of every month until the improvement plan is completed. The first date of reporting is March 31, 2018.
Categorically, GMO coin intends to build an efficient risk management system. The management team investigated and analyzed the major reasons for system failure, proffered a concrete solution, and actively responded to the real situation of expanding the business.