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Former Zaif exchange owner Tech Bureau to discontinue crypto business after completing customer refunds

Thu, 22 Aug 2019, 09:16 am UTC

Tech Bureau, the former operator of Zaif cryptocurrency exchange, has announced that it will discontinue its cryptocurrency exchange business after it refunds all customers. The official date for business closure has not been decided yet.

It can be recalled that Zaif suffered a major hack in September 2018 in which hackers with unauthorized access were able to drain nearly $60 million in bitcoin, bitcoin cash, and MonaCoin from its hot wallets.

This was followed by the acquisition of Zaif’s business by Fisco Digital Asset Group (FDAG) in November.

In its latest announcement, Tech Bureau said that it will start refunding customers who have not yet moved their accounts to the Fisco exchange. The company will start with the refunds on September 02 and continue until November 30, 2019.

“The Company has been considering for various possibility of the customers who has not accepted the contract succession, however, we announce here that the Company has came up to the conclusion to discontinue our cryptocurrency exchange business once we complete the refunds for all customers who possess remaining balance which refunds can be made,” the announcement reads.

In addition, the company said that in order to protect customers from having to bear extra charges, it will perform all refunds in Japanese Yen (JPY) to the customers’ registered bank account.

Earlier in June, the Financial Service Agency (FSA) issued a business improvement order to Fisco arguing that the company failed to recognize the importance of legal compliance, Cointelegraph reported. Subsequently, the company submitted a business improvement plan that summarized the necessary measures.

In a recent announcement, Fisco said that it will integrate the two exchanges it operates – the FISCO virtual currency exchange and the Zaif Exchange – into one exchange in order to enable efficient operation of the cryptocurrency exchange business.

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