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Japanese authorities today ordered two cryptocurrency exchanges to suspend operations as part of a clampdown following a massive hack that saw thieves steal hundreds of millions of dollars in virtual currency. The Financial Services Agency (FSA) said in a statement it had ordered FSHO and Bit Station, exchanges based in Yokohama and Nagoya, to temporarily halt their operations for a month from today. The agency alleged that FSHO "does not have a proper system to monitor trading and has not given training to its employees," while an employee of Bit Station "diverted digital currency deposited by clients for his personal use." Authorities also ordered five other exchanges, including Coincheck, to improve their business practices. Coincheck was already slapped with sanctions in January following the hack. The hack of Coincheck -- resulting in the disappearance of NEM cryptocurrency worth $530 million -- was one of the largest of its kind, and prompted authorities to search the firm's ...

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