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Bitcoin it’s down 7%, and currently trading at $10,570. Why? Coincheck, one of Japan’s largest bitcoin exchanges, has suddenly stopped letting customers withdraw their money and halted Bitcoin trading. The Tokyo-based exchange announced its moves without explaining its reasons.

Coincheck does not have a license from the Japanese financial regulators but is still one of the country’s most popular cryptocurrency exchanges.

Meanwhile, if that wasn’t enough to make cryptocurrency investors anxious, the US Treasury’s undersecretary for terrorism and financial intelligence has been telling banks across Asia that they need to do more to introduce oversight of cryptocurrency activities.

Sigal Mandelker said “we need to have this kind of regulation all over the world.”

Japanese regulators are ahead of the pack, and their South Korean counterparts caused Bitcoin and other cryptocurrencies to seriously plunge in the last couple months by cracking down on anonymous trading and even threatening to shutter exchanges, China-style.

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