Hi Quoiners. My name is Mike Kayamori. I’m the CEO and founder of Quoine. I wanted to take this as an opportunity to share with you what is going on in Japan. I would like to give a little bit of background where we are.
So the Japan Financial Services Agency has announced today a business improvement order to five exchanges and we are one of them. It is not around security. It is not around theft. It is more around governance, compliance, back-office, KYC and AML. These are all important elements from the Japan FSA. We have been working working hard with the FSA but they have officially ordered an improvement for us to work closely with the FSA to make sure that we implement the necessary processes to strengthen our management team and back office to comply with the FSA.
As you know we are pro-regulation and we work with regulators. It is always the highest priority and we have to take the necessary measures, the necessary resources to comply and work with regulators and due to this announcement by the FSA, we will need to pull out some necessary resources, especially from the back end developers who will need to provide the necessary information the data to comply and work with the FSA.
That means the key people who were working on our LIQUID platform will need to be pulled out in order to work with the FSA. We believe this will be about a month or two process and business will be as usual. You can trade on Quoinex, you’ll be able to trade on Qryptos, our ICOs and listings will continue. The only part that would be delayed is our Liquid platform.
We were at the last stage of development, but we need our key engineers to work with the regulators and that means we will have to push back our Liquid platform. I cannot give you a date. I will come back to you with the date, but I cannot promise you that now because that will not be responsible. So I apologize sincerely from my heart that we had a target to provide the Liquid platform by end of Q2, but that will now have to be pushed back. It will not be a lot, but nonetheless I understand the disappointment to all QASH token holders.
We will do our best and we will be better and stronger than ever. During that time, the front-end and mobile team will continue to work on our Liquid platform, so it’s only part of the backend, but that is key. Without them we cannot launch in an orderly manner. As a regulated exchange, as one of the only global exchanges to be regulated and licensed in Japan, we must put all of our efforts to work along with the regulator, specifically the Japan FSA, so that we become better, stronger together.
If you have any questions you can reach out to our community managers, you can reach out to me, you can reach out to our CxOs, but this will make us better and we are excited to work with you to provide the platform that will make us great.
So it is unfortunate and that is why I had to postpone Andre’s AMA because this was an announcement that I wanted to share with the community first.
Thank you for your understanding and we will update you with the progress on the JFSA and also the Liquid platform. Thank you so much and please continue to support our entire team. We are only as good as our team and our community.
Thank you so much.