Aichi Prefectural Police headquarters (Mainichi)

       NAGOYA -- A 36-year-old man in central Japan was arrested June 21 for allegedly opening a cryptocurrency transaction account for the purpose of reselling it.

       Aichi Prefectural Police's cybercrime control section arrested Junya Saito, 36, a restaurant employee from the city of Hamamatsu's Nishi Ward in Shizuoka Prefecture, on suspicion of fraud and alleged violation of the Act on Prevention of Transfer of Criminal Proceeds. According to prefectural police, it is the first time in the country that charges of fraud were applied to the resale of transaction accounts for virtual currency.

       Saito allegedly signed a contract with a business in order to open a cryptocurrency transaction account on Oct. 20, 2020. He is suspected of promising a third-party individual whose name is unknown to transfer ownership of the account for 15,000 yen (about $136) the following day. The suspect has admitted to the allegations against him, and cited debt from online casinos among other reasons for his actions.

       When an individual opens an account for dealing in cryptocurrency, they do not need a bankbook or seals, and undergo screening by the business after entering personal information, such as license details, online. Aichi Prefectural Police said while in many cases, applicants open accounts for speculation purposes, there have been a growing number of cases where people open them to receive criminal profits. Saito possessed six other transaction accounts, and police are investigating whether these involved resales as well.

       (Japanese original by Kenichiro Fuji, Nagoya News Center)

       Font Size S M L Print Timeline 0