1 Reason for Abolishing the Crypto-Asset Exchange Business
Our company was ordered by the Tokai Local Finance Bureau on December 24, 2020, to submit a business improvement plan in writing by January 25, 2021, regarding improvements in the establishment of a business management system to ensure proper and reliable business operations and the establishment of a risk management system for money laundering and terrorist financing. We were ordered to submit a business improvement plan in writing by January 25, 2021, and to report the progress and implementation status of the business improvement plan every month in writing by the 10th of the following month until the completion of its implementation.
Subsequently, we discussed the measures to be taken for the establishment of a framework in response to the business improvement order within our company but reached the conclusion that it would be difficult to establish the management framework required of crypto-asset exchange operators under the Payment Services Act, etc., and decided to withdraw from the crypto-asset exchange business.
2 Date of Discontinuation
The date of discontinuation of the crypto-asset exchange business will be June 15, 2021.
3 Suspension of New Order Acceptance and Return of Crypto Assets
As of today, we will suspend all customer’s transactions (i.e., all transactions in Crypto Asset Deposit*, Avacus Shopping, Avacus Ask, Avacus Pay, and Avacus Bazaar).
*Please note that when you deposit BTC, it should be the minimum amount required for withdrawal.
Customers will still be able to withdraw crypto-assets after today.
Customers can also withdraw their crypto-assets after the date of discontinuation of the crypto-asset exchange business but are requested to withdraw their crypto-assets before the discontinuation date as much as possible.
4 About Withdrawal
Change in the method of collecting the withdrawal fee for crypto-assets
On and after May 10, 2021, the method of collecting withdrawal fees for crypto-assets other than Bitcoin will be changed.
In the past, the withdrawal fee was paid in the amount of the crypto-asset to be withdrawn, but after the change, the equivalent amount of the withdrawal fee will be paid in Bitcoin for crypto-assets other than Bitcoin.
[Batch Bitcoin withdrawals]
In addition to crypto-asset withdrawals in which customers pay a withdrawal fee at any time, we will conduct batch withdrawals of Bitcoin in which we pay the withdrawal fee.
This means that we will consolidate all of the withdrawal requests from customers and process them at once, and customers who agree to the batch withdrawal will be able to withdraw their crypto assets without having to pay the withdrawal fee.
(Batch withdrawal is not available for crypto-assets other than Bitcoin.)
How to apply for a batch withdrawal
1. Please apply for a batch withdrawal of Bitcoin on the screen after logging in to your account.
When requesting a batch withdrawal, all of the Bitcoin balance in your account will be subject to the withdrawal. Batch withdrawal requests for only a portion of the bitcoin balance will not be accepted.
2 We will execute a batch withdrawal of Bitcoin to Customers on June 15, 2021.
– Cancellation of a batch withdrawal
Cancellation of a batch withdrawal cannot be accepted after the cancellation date (1:00 p.m. on June 14, 2021).
– Number of times batch withdrawal will be executed
The number of times batch withdrawal will be executed will be determined according to the customer’s withdrawal status, including whether multiple withdrawals are to be executed.
5 Contact for inquiries
For inquiries, please contact us at https://avacus.io Support Desk.
Response time for inquiries: 10:00 to 17:00 on weekdays in Japan Standard Time