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inmyth

TokyoGateway, Mr Exchange Are Shutting Down

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https://cointelegraph.com/news/japan-2-bitcoin-exchanges-choose-shutdown-over-regulatory-compliance

Mr Exchange statement : https://blog.mr.exchange/2018/03/29/news02/

Mr Exchange, TokyoGateway (formerly TokyoJPY) are exchanges operating on ripple network for trading.  Japan's regulation requires exchanges to control user's access to blockchain while ripple net, being a distributed exchange, allows unrestricted XRP transfer. Apparently the gov't doesn't like it as it facilitates money laundering. So there goes the last Ripple gateway in Japan.

Edited by inmyth

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Guest

It does say that 16 exchanges have applied for a license, Yahoo is opening in April. 

Edited by Guest

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1 hour ago, inmyth said:

https://cointelegraph.com/news/japan-2-bitcoin-exchanges-choose-shutdown-over-regulatory-compliance

Mr Exchange statement : https://blog.mr.exchange/2018/03/29/news02/

Mr Exchange, TokyoGateway (formerly TokyoJPY) are exchanges operating on ripple network for trading. Apparently Japan's regulation requires exchanges to control user's access to blockchain while ripple net, being a distributed exchange, allows unrestricted XRP transfer. Apparently the gov't doesn't like it as it facilitates money laundering. So there goes the last Ripple gateway in Japan.

I'm wondering what do you mean by last ripple gateway. 

There are still exchanges that does XRP/JPY here. 

Unlicensed:

Coincheck

Licenced:

BitBank, GmoCoin, BitTrade

 

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14 minutes ago, liquidcymbal said:

I'm wondering what do you mean by last ripple gateway. 

 

 

Gateway : issuing IOUs directly on Ripple network.

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see it as growing pains, Japan has what 63 banks using ripple tech...the application was withdrawn...due to compliance and changes after the recent hack...i might suggest Japan is taking a more formal regulated approach to crypto...does this cause short term issues, sure, but fosters a better long term crypto eco system.  I believe all unregulated exchanges go away with time.

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1 hour ago, Malloy said:

Any news on Mr Exchanges timeline to shut down and what they'll do with all the IOUs in circulation?

They will keep market making the IOUs for some time to allow non-users (those who only have trustlines) to cash out to XRP. Then they will refund all users.

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2 hours ago, inmyth said:

They will keep market making the IOUs for some time to allow non-users (those who only have trustlines) to cash out to XRP. Then they will refund all users.

Any idea how long is " some time"?

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